At its core, the gameplay of Speedboat Attack revolves around high-speed maneuvering of a boat around 10 distinct courses, from the paradisiac coastal landscapes of the Balearic Loop to the otherworldly Terra Incognita. Players must pass through checkpoints to receive a time extension and avoid running out of time. There are 3 difficulty levels in total: newcomer, master, and ace. As the difficulty level increases, there is less time to reach the next checkpoint and competing boats will pose more of a challenge. The player may choose one of 5 boat types, each one differing with respect to acceleration, speed, handling and armor. During a race, it is possible to toggle between different views, such as cockpit view and third-person view.

The game can be played in two configurations: "Race" keeps the focus on outmaneuvering opponents and beating the clock, whereas "Combat" provides a more action-oriented and dynamic experience. There are many elements exclusive to the "Combat" mode, including hazards and ammunition pickups for the machine gun and rocket launcher, as well as shortcuts.

When a boat is under fire, any hits landed will make its armor meter decrease, greatly reducing its speed. This meter can only be refilled at a repair dock. Therefore, players are encouraged to avoid any damage while maintaining a high pace.