Fantastic Four: Rise of the Silver Surfer is a third-person action game licensed from the 2007 film of the same name. It is only loosely based on the film, with only some parts being based on film situations and villains, with the larger part of the levels being original to the game and featuring villains only seen in the comics like Skrulls and Terrax. The PS3/Xbox 360 version features the same general storyline as the versions on other platforms, with the PS2/Wii version even sharing the same cutscenes, but regarding gameplay mechanics and level design, this version is completely unique.

The game is mostly a third-person brawler with occasional puzzle elements. The Fantastic Four have to move through six levels consisting of several acts each, with such locations as a Skrull lair, New York City, a space station, a military base and downtown Shanghai. The four team members move through the levels together. In single-player games, the player can switch between members at any time, while in co-op multiplayer, up to four players can control one hero each. In some parts of the game, only one character is controlled, like in longer flying sequences with the Human Torch.

Basic controls allow for strong and weak attacks and grapples, with various combos available. Additionally, the four heroes each have different special abilities, used for extra-powerful attacks or puzzle-solving. The Thing can pick up and throw heavy objects as well as punch the ground for an area attack. The Invisible Woman can project a protective force field, turn invisible to sneak by enemies or walk through certain laser barriers and attack enemies remotely via telekinesis. The Human Torch can fly to reach areas the others can't and hurl fireballs for ranged attacks. Mr. Fantastic can stretch his arms for a periscope punch to reach far-away switches as well as attack multiple targets at the same time. There are also special Fusion Attacks, which require two characters to combine their powers for a special combo move. The special powers require the use of cosmic energy, which slowly regenerates and can also be refilled by picking up power-ups left behind by fallen enemies or hidden in breakable objects. If a character is knocked down, their game is not over, since they reappear after a short period. The game only ends when all four are down and out at the same time.

The game features various collectibles: collecting coins hidden in breakable objects allows players to upgrade the characters' powers between levels, like increasing damage or reducing energy cost. There are also silver Fantastic Four symbols and Dr. Doom's spy bots to collect, which unlock additional costumes and comic book covers.