Ferrari F355 Challenge is designed with the intention of being an authentic simulation of what it is like to actually drive a Ferrari F355. There are a number of single player options available – Arcade, Championship, and the 'Great Driver Challenge'. Arcade is simply all 11 tracks available for racing, with the option of having a non-timed game, or a timed game in which you have a set amount of time to reach the next Checkpoint in the race. Championship consists of six tracks available initially, with the remaining five being unlocked as you progress.

The 'Great Driver Challenge' sees three tracks immediately available, with several others able to be unlocked. In this mode, the player is awarded points for clean overtaking, slip streaming, drifting while cornering, bettering your race position, or getting a best lap/total time. Points are deducted for hitting other vehicles, bouncing off a wall or barrier, or leaving the track. Exceed the point qualifications for any given track, and the next track is unlocked.

F355 supports two-player split-screen play, which consists of two different modes – head-to-head 'Versus', and a 'Time Lag Race'. 'Versus' is a full on race to the finish line. 'Time Lag Race' is where the race leader wins when the time difference between the racers exceeds a set limit.

The 11 tracks are Motegi, Suzuka Short, Monza, Sugo, Suzuka Long, Atlanta, Long Beach, Nurburgring, Laguna Seca, Sepang, and Fiorano.