The game was originally released as Tatsunoko vs. Capcom: Cross Generation of Heroes only in Japan in 2008 for arcade and Wii. Later, a newer version called Tatsunoko vs. Capcom: Ultimate All-Stars was released for Wii in Japan, North America and Europe, featuring five new characters not available in the original version, but removing one Tatsunoko character from the previous version. The release date for the Japanese edition was on January 28, 2010, January 26, 2010 in North America, and January 29, 2010 in Europe.
Promotional art and character design was handled by Shinkiro, with some guest art produced by Ippei Kuri (famed Tatsunoko artist), The animated sequences were all produced by Tatsunoko Productions. The Ultimate All-Stars ending art (which replaces the animated endings from the Japanese version) was done by the artists at UDON. The game was produced by Ryota Niitsuma.
The city is safe tonight, but not for long. An ancient evil from another universe has come to consume time and space by causing many universes to merge together into a worldwide crisis. Heroes, Villains, and the like from these worlds must fight to survive and find the evil that caused this crisis and destroy it.
However, once they get to this evil, can they win? Because if they can't, all is lost.......
- Alex (Street Fighter III)
- Batsu Ichimonji (Rival Schools: United By Fate)
- Chun-Li (Street Fighter II)
- Frank West (Dead Rising) - (Ultimate All-Stars only)
- MegaMan Volnutt (MegaMan Legends)
- Morrigan Aensland (Darkstalkers: The Night Warriors)
- PTX-40A/Ivan (Lost Planet: Extreme Condition)
- Roll (Mega Man)
- Ryu (Street Fighter)
- Saki Omokane (Quiz Nanairo Dreams)
- Kaijin no Sōki (Onimusha: Dawn of Dreams)
- Viewtiful Joe (Viewtiful Joe)
- Yami (Ōkami) - (Boss)
- Zero (Mega Man X) - (Ultimate All-Stars only)
- Casshan - The main character of the anime Neo-Human Casshan. Tetsuya Azuma transformed himself into a cybernetic warrior named Casshan in order to combat the robotic menace that faced his world. He is accompanied by his robotic dog Friender.
- Doronjo - An attractive blonde from the anime Yatterman who leads Boyacky and Tonzra in their attempts to locate the Dokuro Stone, and constantly bosses them around.
- Gold Lightan - A gigantic golden robot from the anime Golden Warrior Gold Lightan. He can transform from a lighter to a huge mechanical superhero.
- Hakushon Daimaō - One of the main characters in the cartoon The Genie Family, Hakushon is a genie who must grant the wish of whoever sneezes near him, usually resulting in comedic shenanigans. - (Cross-Generation of Heroes only)
- Ippatsuman - Sokkyu Go is the heroic main character of the anime Gyakuten! Ippatsuman who has sworn to fight against evil, especially the syndicate Skull Lease.
- Joe the Condor - Joe Asakura is an expert marksman and driver, the tough guy of the Gatchaman team. - (Ultimate All-Stars only)
- Jun the Swan - A pretty young girl who is also the electronics and ballistics expert for Science Ninja Team Gatchaman throughout the many Gatchaman series.
- Karas - One of the titular karas, from the anime Karas, humans appointed as superpowered agents. Able to transform into a car, an aircraft, and an armored crusader; the skilled swordsman sets out to defeat his evil predecessor.
- Ken the Eagle - Ken Washio is the leader of Science Ninja Team Gatchaman throughout the many Gatchaman series. He is known to be a level-headed and capable leader.
- Polimar - The hero of the anime Hurricane Polimar. Takeshi Yoroi is martial arts expert who designed a special ability enhancing suit in order to fight crime and entitled himself Polimar.
- Tekkaman - A super-powered robot suit managed by Joji Minami, designed to fight aliens that were seizing control of the earth in the anime Tekkaman: The Space Knight.
- Tekkaman Blade - Also known as D-Boy, Blade was a space explorer who was tranformed into a techno-organic warrior by an alien race known as the Radam. Blade escaped and made his way to Earth, where he battled against the Radam invasion along with the Space Knights. From the anime Tekkaman Blade. - (Ultimate All-Stars only)
- Yatterman-1 - The male protagonist of the anime Yatterman. Gan Takada is the 13-year-old son of a famous toy designer. He forms a fighting team with his girlfriend Ai, and names himself "Yatterman No. 1". He wields a kendama with great skill in battle.
- Yatterman-2 - The female protagonist of the anime Yatterman. Ai Kaminari is the girlfriend of Yatterman-1, and she and Yatterman-1 combat the crime together. Her weapon is an electric short rod. - (Ultimate All-Stars only)
- Akane Yagyū, Ohatsu, Roberto, and Tenkai - Featured in Soki's ending
- Arthur ,as well as Astaroth and Red Arremer - (Cross-Generation of Heroes only) - in Soki's ending
- Axl - in Zero's ending - (Ultimate All-Stars only)
- Baby Head - in PTX-40A's ending
- Bilstein's Ghost - in Tekkaman Blade, and Joe the Condor's endings - (Ultimate All-Stars only)
- Blodia - in PTX-40A's ending
- Brad Garrison, and Jessica McCarney - in Frank West's ending - (Ultimate All-Stars only)
- Demitri Maximoff - in Joe the Condor's ending - (Ultimate All-Stars only)
- Devilotte, Dave, and Xavier - in Doronjo and Joe the Condor's endings
- Dr. Light - in Roll's ending
- Dr. Wily - in Zero's ending - (Ultimate All-Stars only)
- Fiona Belli, Hewie, and Debilitas - in Joe the Condor's ending - (Ultimate All-Stars only)
- G. Kaiser - In PTX-40A's ending
- Gigi - in PTX-40A's ending - (Ultimate All-Stars only)
- Gourai - in PTX-40A's ending - (Ultimate All-Stars only)
- Gustaff - in PTX-40A's ending - (Ultimate All-Stars only)
- Hauzer - in Karas' and Saki's ending
- Hayato Kanzaki - in Tekkaman Blade's ending - (Ultimate All-Stars only)
- Hornisse - featured in the background of the Gesellschaft stages.
- Huitzil - in Roll's ending
- Kyosuke Kagami and Hinata Wakaba (silhouettes) - In Batsu's ending - (Cross-Generation of Heroes only)
- Lilith - assists Morrigan in her Level 3 Darkness Illusion Super Combo
- Mega Man - in Roll's ending - (Ultimate All-Stars only)
- Pyron - in Tekkaman and Joe the Condor's ending
- Raizo Imawano - in Batsu's ending
- Santana - in PTX-40A's ending - (Ultimate All-Stars only)
- Servbots - featured in the background of the Gesellschaft stages.
- Sexy Silvia - in Viewiful Joe's ending animation - (Cross-Generation of Heroes only)
- Vector - in Roll's ending
- Vile - in PTX-40A's ending - (Ultimate All-Stars only)
- X - in Zero's ending - (Ultimate All-Stars only)
- Wayne Holden - (implied) - implied to be the suited "Pilot" in PTX-40A
In the game, each player has a team of two, switching their characters at any time, and even performing two special moves at the same time (which, however, uses up three special bars). However, the game's two large characters, Tatsunoko's Gold Lightan and Capcom's PTX-40A, fight on their own without a partner. There are also mini-games and the option for a simplified control scheme. The game has support for the Classic Controller and the Gamecube Controller as well. The buttons are listed as "Assist" "Weak" "Medium" and "Strong".
Universal mechanics are similar to Marvel vs. Capcom and Marvel vs. Capcom 2. Characters can call their partner to do a predefined Variable Assist attack. Characters can tag with another character, performing an attack upon entry called a Variable Attack. Performing a Variable Counterattack also lets the player tag out with another character. Snapback is an attack that forces the opponent to switch characters should it land. Hyper Variable Combination lets characters of one team perform their Hyper moves, attacks that require a stock of level, at the same time, whereas Delayed Hyper Cancellation cancels a current Hyper move of the character with another Hyper move of the character's partner. Each character has a launcher to send the opponent to the air, allowing the character to do an Aerial Rave.
There are also new universal techniques found in the game. Variable Aerial Rave lets the character switch to his or her partner while in mid-air. Mega Crash is a defensive maneuver that frees the character from the opponent while sacrificing a part of his or her life and two stocks. Assault is an offensive variation of Mega Crash. Baroque is a mode where the character sacrifices the red portion of the their life - activating the mode cancels the current attack animation, allowing the player to extend combos and deal more damage relative to the amount of red life that is sacrificed. Baroque ends when the character stops or performs a Hyper move.
The large characters (Gold Lightan and PTX-40A) cannot do the universal techniques that require a partner due to their single-character limit.