Developed by Dream Factory and published by Squaresoft, Ehrgeiz closely followed the fighting mechanics of Tobal No. 1 with free-directional combat and environmental hazards. The arcade version featured 13 fighters including Cloud Strife and Tifa Lockhart of Final Fantasy VII fame. The home version included four more Final Fantasy VII characters: Sephiroth, Vincent Valentine, Yuffie Kisaragi, and Zack. Other features such as a Reversi style game, racing mode, and a full-fledged hack-and-slash RPG with randomized dungeon levels were also included in the home version.

The story of the game revolves around a mystical tournament with the ultimate prize being a sword, Ehrgeiz, known for its mythical power. Guarding this weapon is a creature, Django, bearing a striking resemblence to a wolf. Each character had their own ending except for the Final Fantasy VII ones. Only by finishing the game with Sephiroth would the player be treated to an amalgamation of clips from Final Fantasy VII to the tune of the Orchestrated One-Winged Angel.