Following Re Verse's defeat, the mysterious goddess Otoma=Raga appears and attacks the teams. However, a new Amp creature born from Isla's Amp power, labeled as Re Verse manifests as the tournament progresses and targets the fighters, pulling them into another world. Isla is being mentored by a woman named Dolores who wishes for her and Shun'ei to stop the appearance of more Amp-related creatures like Verse, believing Ash Crimson's time-traveling in a previous tournament, which Dolores' disciple, Kukri confirms it to have caused their appearance. During the tournament, they encounter a rival team led by a girl with similar powers to his own and also another Amp user, Isla. Shun'ei, a teenager with mysterious powers resembling Verse's, enters the tournament again alongside Meitenkun and Benimaru Nikaido to better understand his powers, the Amplified Specters.

Chizuru Kagura gathers Kyo Kusanagi and Iori Yagami in order to look after the seal of the snake demon Orochi. Following Antonov's early retirement, new tournament commissioner Anastasia sends out invitations to fighters to join the tournament the mayhem caused by Verse's powers resurrects various long-thought deceased fighters from past tournaments as well. The story focuses on the next King of Fighters tournament held after the appearance and defeat of Verse. Since Max Mode activations in neutral were almost nonexistent in King of Fighters XIV, the developers are giving more incentive to players to not just use it as a combo extender. Neutral state in XIV was not seen often so in XV attack power and guard crush are increased when neutral is activated. In XIV, combos from quick activation were the main way max mode was used so the gauge consumption was increased from 1 to 2 to prevent players from being overwhelmed. It will also be adjusted as it is apparently quite strong in the demo. Shatter Strike was designed mainly as a defensive system but it can be used offensively when making use of guard points. Destructoid compared it with a fully charged Focus Attack from Street Fighter IV. The single button 'Rush' from The King of Fighters XIV reappears and is updated to help newcomers perform combos and special/super moves easier. The game features a wide variety of online modes, including Ranked Match, Casual Match, Room Match, and Online Training. It also reincorporates the common MAX Mode system where fighters can use stronger techniques once energy bars are filled. The parry system also returns under the name Shatter Strike.

Like its predecessors, The King of Fighters XV uses a fighting system involving teams composed of three fighters.

Kyo ( left) using Shatter Strike against Iori.

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