It combined elements from two of its existing fighting game series (Fatal Fury and Art of Fighting) and reintroduced characters from games predating the Neo-Geo (such as Ikari Warriors and Psycho Soldier).

The King of Fighters introduced the 3-on-3 team battle system to the fighting game genre along with other sub-systems, such as "attack deflector" (dodging) and "emergency escape" (rolling), running, short jumps, "super desperation moves", autoguarding attacks, and multiple control formats. Many subsequent fighting games adapted these features and helped establish The King of Fighters as one of the most recognized fighting game series of all time.

Unique among fighter franchises, The King of Fighters released a sequel each year and named each game for its year of release. However, this naming system posed problems similar to those with sports games named by year: once the new yearly edition debuts, consumers often perceive the previous year's edition as outdated and less desirable to own. Additionally, SNK could not always release its console version of the arcade game in the same year for which it was titled. For example, The King of Fighters 2003 for the Playstation 2 did not premiere in the United States until February of 2005. Furthermore, with its increasingly sophisticated concept, graphics, and gameplay, The King of Fighters became extremely difficult to update on an annual schedule. Therefore, in December 2004, The King of Fighters 2003 artist Falcoon revealed that SNK Playmore had ceased the yearly sequel updates to the series in favor of an irregular release schedule and a naming scheme without dates. The most recent game in the series, The King of Fighters XI, premiered on October 26, 2005.