A comical version of the original Final Fight game, the Mighty version is represented by "chibi" versions of the characters - slightly caricatured, with increased head proportions. According to the plot, a certain gangster kidnapped the daughter of the mayor, inflamed with an unexpected passion for her. Haggar (mayor) goes with his friend Cody and his martial arts partner Guy to punish the villain.

Each character has a unique fighting style, with Cody using a mixed boxing and karate style, Guy with ninjutsu, and Haggar a former wrestler. Over time, gaining experience, each of them strengthens their blows, and learns a new, super-movement at the fourth level of development (by repeatedly pressing the direction and the attack button at the same time).

The game has five stages, with four story bosses.