The player controls a jet skier competing against AI opponents or up to three friends (using the GameBoy multiplayer link cable accessory) in two different racing modes across sixteen tracks.

[citation needed] In both modes, racers have to navigate a variety of on track obstacles (buoys, pylons, shallow water, whirlpools) and jumps.

[16][17][18] Nintendo Power's George Sinfield and Rob Noel wrote that the game successfully emulated the feel of watercraft racing.

[13] Consolemania's Alessandro Rossetto praised the game's realistic controls, sound, and playability, but criticized the graphics for their lack of variety.

's Thomas Hellwig and Sandra Alter found it to be a thrilling title, citing its intelligent opponents and tracks, but saw the poor collision detection and constant flickering as shortcomings.

[8] Writing for Retro Gamer, Clarance Frank regarded it as "A nice start to the Wave Race franchise which, while differing greatly from its later console counterparts, contained plenty of ideas that transferred successfully into the 3-D versions".

[19] In a series retrospective, Jon Partridge of Red Bull Games celebrated its fresh take on the racing genre, tight controls, gameplay, unique setting, and multiplayer.