Gameplay involves the player racing on a personal watercraft on a variety of courses while successfully manoeuvring the vehicle around various buoys.

Wave Race 64 received acclaim from critics, who praised the game's satisfying controls and dynamic watery environments.

[3] Each time a buoy is correctly passed, a power arrow in the game's HUD will light, allowing the player's watercraft to gain speed.

[6] While experimenting with the Nintendo 64's Silicon Graphics technology, one of the programmers created a tech demo that served as an example of the game's wave programming.

[6] Originally, the game was referred to as "F-Zero on water" and would feature high-speed boats, as shown in footage from the 1995 Nintendo Shoshinkai show.

[7] The boats were planned to have transforming capabilities, allowing players to switch from a stable catamaran-style form to a more streamlined canoe-style version.

[12][13] In the United States, Wave Race 64 was released as the third Nintendo 64 game on November 4, 1996,[11] featuring voice changes and renamed levels.

[24] Graphically, Wave Race 64 was praised for its fluid animations, realistic physics, clean waters, and textured polygons.

[1] Writing for The Electric Playground, Victor Lucas highlighted the game's distinct environments, saying that each course offers players something to get excited about.

He also gave high marks to the game's satisfying sound effects, particularly when players submerge under the waves, but felt the music was shallow.

[18] N64 Magazine journalists described Wave Race 64 as "one of the deepest racing games" they had played, stating that the game's dynamic waves "constantly tests and re-tests" the player's control and that the buoys system offers tactical decisions about whether to spend time taking a wide corner or dash straight on to catch the leader before it's too late.

[2] Similarly, Game Informer remarked that the waves can strike players on every turn and that one mistake can mean the difference between victory and defeat.

[13] The controls were generally praised,[1][23][13] although Todd Mowatt of Electronic Gaming Monthly (EGM) noted that getting used to them can take some time.

[20] Glenn Rubenstein of GameSpot also praised the controls, stating that Wave Race 64 "makes the best use yet" of the Nintendo 64 analog stick.

Although he highlighted the multiplayer mode for offering a "fairly good competition", he criticized its small split-screen play areas for detracting from the drama.

[29] In 1999, Next Generation ranked it 20th on a similar list, commenting that Wave Race 64, along with Mario 64, demonstrated more graphical power for the system.

The simple concept of racing on jet skis was complicated by changing wave patterns, swells, and rising tides, and Nintendo added its trademark depth to broaden and deepen the unique racer.

[38] Unlike the Nintendo 64 version, the Virtual Console release does not feature Kawasaki banners due to expired licensing deals.

I loved the fact that this game was easily accessible but had that greater depth for more hardcore players—this was a key design goal for [Colin McRae Rally]".