It was released for PlayStation 5, Windows, and Xbox Series X/S on February 16, 2024, after multiple delays and developmental difficulties, to mixed reviews from critics.

As of 2017, Skull and Bones was marketed as a tactical action game set in an open world environment and played from a third-person perspective.

[9] Players may collect additional ships throughout the game, such as sloops-of-war, frigates and brigantines, whose weapons include mortars, broadside cannons, and rockets.

[11] Skull and Bones is the first video game led by developer Ubisoft Singapore, which drew inspiration from the naval battles of Assassin's Creed IV: Black Flag.

Gameplay was redesigned multiple times, focusing variously on naval exploration and ship-to-ship combat, before both were scrapped in favour of land-based survival elements inspired by games like Rust.

Developers contacted by journalist Ethan Gach attributed these difficulties to conflicting ideas, management issues, and lack of consistent direction.

[16] On a call with investors in October 2019, Ubisoft CEO Yves Guillemot confirmed that the game had been pushed back to at least the 2021–2022 fiscal year.

[28] Ubisoft's CEO, Yves Guillemot, justified the $70 price tag of Skull and Bones, emphasizing its status as a "quadruple-A game" despite incorporating live-service elements like an in-game store, battle pass, seasonal events, and premium currency.

[30] It was announced in early 2019 that Ubisoft was partnering with Atlas Entertainment to adapt Skull and Bones into a television show.