Dead or Alive 5: Last Round is the third and final revision of the fighting game Dead or Alive 5, following Dead or Alive 5: Plus and Dead or Alive 5: Ultimate. For the Xbox One and the PS4 it is the first release of the game for the platform. For the PlayStation and Xbox versions of the game it is in some cases possible to carry over DLC and save data from the previous titles, also from 360 to One and PS3 to PS4. Owners of Dead or Alive 5: Ultimate for the PS3 and Xbox 360 can update their game for free to Last Round to play online matches against players of Last Round but need to buy the new content (characters such as Marie Rose, Phase 4, Nyotengu, Honoka, Raidou, and costumes) through DLC. The game as a single purchase is not available for the Xbox 360, see the trivia section.

The game continues the typical DoA gameplay with 3D arenas and fighting on a 2D plane. Characters can sidestep and knock opponents through danger zones into other parts of the environment. Attacks consist of four buttons (light and strong punches and kicks) to perform combos, throws, blocking. There is no jump input. Advanced moves include counters, critical stun attacks and power blows. The game offers three play styles (casual, pro and online pro) and four main game modes: story, fight, training and online. Story consists of a series of one-round matches for different characters with cut-scenes and conversations that further the story and explain the motives of the different characters. Training consists of a 42-step tutorial where the game mechanics can be practiced. Online mode offers both ranked and lobby matches for online multiplayer. In lobby matches players can search for opponents and define settings such as the connection strength, region, minimum and maximum strength, fight rules, fight type and the number of rounds.

The main fight mode offers the sub modes versus, arcade, time attack, survival and team fight. Survival for instance is a series of fights against multiple characters in succession with a single health bar. There are solo, tag and team matches. Through an exhibition match players can unlock all characters and stages right away, but no new records or titles can be earned. Optionally throwdowns can be enable to see incoming online challenges from other players. The game offers 34 playable characters. All characters return from Dead or Alive 5: Ultimate, including those that were introduced through DLC (Marie Rose, Nyotengu and Phase-4) also including the guest characters Akira Yuki, Jacky Bryant, Pai Chan and Sarah Bryant. Entirely new for this version are Raidou (the boss from the first Dead or Alive) and Honoka. Fighters have different statistics based on strike, throw, hold, power, speed and moves and over 400 costumes that can be unlocked in-game or need to be purchased as DLC. For the arcade version the two new characters and balance changes were introduced in v2.0 of Dead or Alive 5: Ultimate - Arcade.

All stages from Dead or Alive 5: Ultimate return with two new stages exclusive for the Xbox One and PS4 versions: Crimson (from Dead or Alive 2) and Danger Zone (Kazumi's stage from Dead or Alive). The PS3 and Xbox 360 version do not contain the new hairstyles and costume options screen, which allow you to customize your fighter’s appearance and preview it on the character select screen. The PC version was launched without online multiplayer, to be added at a later date, and it does not use the Soft Engine exclusive for the PS4 and Xbox One versions.