The game's producers described battles as the center of the game, and these battles are turn-based. The player controls individual heroes representative of each faction, each of whom act as avatars in alternating exploration and battle phases, growing in experience and obtaining new abilities as the game progresses. Each faction has three types of basic troops, and five types of more advanced troops, with players selecting from these to form their individual army compositions. Instead, armies are made up of an unlimited number of faction-specific basic troops, as well as a finite number of larger 'elite' units. Five of the eight playable factions featured in Heroes of Might and Magic V – the Haven, Inferno, Sylvan, Academy and Necropolis – comprise the game's forces, though their troop lineups are not replicated from Heroes V. Borrowing elements from the Heroes of Might and Magic franchise, it combines elements of the role-playing, turn-based strategy and puzzle video game genres, allowing players to embark on story-based and optional quests while employing army recruitment and resource management. Previews of the title likened its gameplay model to those of Puzzle Quest and Critter Crunch.

A remake titled Definitive Edition developed and published by Dotemu is in development for Microsoft Windows, Nintendo Switch and PlayStation 4 and will be released in summer 2023. Android and iOS ports developed by Tag Games were developed in 2013.

In 2011, a downloadable high definition version was developed for the PlayStation 3, Xbox 360 and Microsoft Windows. Part of the Might and Magic series, it was first released on December 2009 in North America and February 2010 in Europe. Might & Magic: Clash of Heroes is a puzzle role-playing video game developed by Capybara Games and published by Ubisoft for the Nintendo DS.

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