The game takes place in 1607, 17 years after the events of Soulcalibur IV, and centers around the children of Soul series veteran Sophitia. The character creation mode from previous games has also been retained.

Like its predecessors, Soulcalibur V also sports variety of multiplayer modes, allowing players to face each other both online and offline. In addition, the game features Quick Battle mode, which allows players to unlock titles for their online profiles and an extra 'Legendary Souls' mode. The game's arcade mode allows players to control any of the game's characters and face six opponents in time trial matches. Unlike previous installments, not every character is playable in Story Mode.

In Story Mode, players take control of the game's protagonist Patroklos and various supporting characters, guiding him through a series of battles divided into 20 episodes. The game features a variety of gameplay modes. The game features a tweaked 'Critical Edge' system, allowing players to fill up a meter and unleash powerful special attacks. Players use high and low vertical and horizontal attacks to damage opposing player characters and can block incoming attacks or parry enemies' moves to gain a tactical advantage. Like the previous games in the series, Soulcalibur V is a weapon-based fighting game. A screenshot from a fight between Algol and Mitsurugi

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