An overhead-view racing game featuring rotational sprite scaling. The player races over a series of twisting courses, trying to reach the finish line before the timer expires.

Chequered Flag includes a Pit-stop facility, a feature that had appeared a year earlier in Taito's 'Continental Circus'. Should the player's car sustain too much damage, a pit-stop must be made to implement repairs. A 'damage meter' at the bottom of the screen shows the severity of the damage; highlighting what car components are in need of repair; Engine, Front Tires, Rear Tires and Brakes.