The game was released in South Korea on 25 January 2011, in North America on 1 May 2012, and in Europe on 3 May 2012, with closed and open beta tests taking place before the launch dates.

In addition to this feature, TERA will offer a free upgrade for the PlayStation 5 and Xbox Series X/S in Holidays 2020, with an Enhanced Graphics Mode – which will allow for cross-generation and cross-platform gaming.

The player targeted an enemy with a cross-hair cursor rather than clicking or tabbing an individual opponent (which was called the "Non-Target battle system" by the developer).

As a result, TERA released a currency called "Chronoscrolls" that worked similarly, as it allowed game time to be purchased with real money and sold for in-game gold.

Even some of the mortal species got wiped out; however, others emerged and today, most of TERA's races form an alliance fighting menaces beyond their world.

Players who purchase a 30-day "Elite" status will receive increased dungeon rewards, in-game discounts and other metagame advantages Due to the new model, the "Chronoscrolls" mentioned above are being phased out, and are no longer sold by the developer, nor usable to extend game time.

[17] On April 20, 2022, Bluehole Studio, the leading development team for TERA, announced termination of the game on PC.

TERA was met with generally favorable reviews,[18] citing the action-based gameplay, huge and widely varied seamless world, the exciting and recurring Big Ass Monster (BAM)[27] fights, the ease of using the game's auction house (called the Trade Broker) and lush, detailed graphics as the game's high points.

[28] The option of using a console controller also provided much satisfaction for players that wanted to play an MMORPG without relying on a keyboard and mouse.

[28] The game's musical score received praise for its varied and emotionally charged tracks ranging from epic orchestral pieces to more mellow tunes.

[30] Player killing was commonly done in the Open World and was met with praise due to the freedom and constant action it can bring to daily questing and traveling.

[36] In 2007, NCsoft filed a complaint to South Korean authorities and brought a civil action for damages and an injunction to Bluehole Studio.

On 9 January 2012, NCsoft filed a civil action in the United States against Bluehole Studio and its U.S. subsidiary En Masse.

They asserted claims for copyright infringement, trade secret misappropriation, breach of confidence, unfair competition, and unjust enrichment under the laws of the state of New York.