The game continues the series' theme of comical sports as the player takes the role of a boxer who makes his way from his debut to become a world champion. Ring King, though perhaps unintentionally, is standard of the boxing creations of its era, via providing quirky monikers for opponents the player encounters; in its arcade release, these number eight (8): Violence Jo (ironically, this entry level fighter is the champion, in the NES version), Brown Pants, White Wolf, Bomba Vern, Beat Brown, Blue Warker (reigning champion, in the arcade version), Green Hante and Onetta Yank. Assuming the player wins the championship, arcade play continues cycling through only the last of the afore-listed three (Blue Warker, Green Hante, Onetta Yank).
The player can choose from several different types of punches and defensive maneuvers, along with unique special attacks. The player revives their stamina during the round interval by pressing the button rapidly. The boxer's abilities are determined by three different stats; punch, stamina, and speed. The player can improve these stats using the power points gained after each match. Performing well in matches allows the player to create more powerful boxers. The player can save their game progress by recording a password, and two players can face off against each other in the two-player mode. Though the game is rudimentary, it is possible to counter-punch, and missing with too many punches causes the boxer's stamina to decrease.