Sega released Eternal Champions for their Mega Drive/Genesis in 1993, hoping to capitalize on the fighting game mania that the game industry was in the midst of following the massive success of Street Fighter II (1991) and Mortal Kombat (1992). The game tried to set itself apart with unique features like a heavier emphasis on its story, characters pulled from different time periods, reflectable projectiles, force fields, fighters that carried weapons, a training mode where players had to defend themselves against robotic traps, a novel method of executing moves, and elaborate stage-specific finishing moves called "Overkills".

An ominscent being known as the Eternal Champion predicts that mankind will soon fade to existence due to the untimely and unjust deaths of key individuals throughout history who were destined for greatness. Seeking to restore balance to the world, the Eternal Champion gathers these souls from time moments before their deaths to participate in a fighting tournament. The victor will be able to change their fate and bring balance to the universe, whilst the losers will be forced to live out their deaths just as history intended.