The game was designed so that 1 player could play against the computer, or 2 players could play simultaneously against each other. In single-player mode, a player could choose from three levels of difficulty: Junior, College and Pro. Two different game modes could be chosen. An "Exhibition" game is just one game. The "Tournament" option is a play-off style elimination tournament.
Fighting was Blades of Steels most popular feature. Bumping into the same player multiple times will cause the two to fight. Punches would be thrown until one player fell. The loser is penalized while the winner is not.
As in the real-world sport of hockey, the object is to score more goals than the opposing team to win the game.