It was released in Japan on January 27, 1995, for North America by Sony Computer Entertainment as an original launch title on September 9, 1995, and in Europe by Ocean Software in November 12, 1995.

This was the only console release of Raiden II and unlike previous ports, these versions are based directly on the arcade originals.

The story of Raiden takes place in the year 2090, when a race of collective alien lifeforms known as the Crystals made Earth a target of invasion.

The conversion includes difficulty settings, credit limits, selection between original and rearranged soundtrack, on screen text positioning and the ability to save high scores with a memory card.

[5] Next Generation reviewed the game, rating it two stars out of five, and stated that "Raiden Project is a solid indicator of the PlayStation's ability to manipulate sprites and as such will find a welcome home with early adopters.