Nicktoons Racing focuses on engaging players in go-kart racing on various Nicktoons-themed tracks, similar to the Mario Kart series. The game features a wide selection of playable characters from various Nicktoons, including characters from SpongeBob SquarePants, Rugrats, The Ren & Stimpy Show, Aaahh!!! Real Monsters, Hey Arnold!, The Angry Beavers, CatDog, and The Wild Thornberrys.
Various Nickelodeon characters each receive a letter invitation to compete in a Grand Prix for the top prize, the Krusty Krab Big Bun Award. The host of the competition, also the individual who sent the invitations, is an unknown, unseen driver of a sleek, black car with a tinted dome window simply dubbed as the Mystery Rider, which the participating racers are challenged to beat, as well as each other.
- Tommy Pickles: A small baby with a big heart who loves to have adventures with his friends. He drives the Reptar Wagon.
- Angelica Pickles: Tommy's bratty cousin who makes fun of him and his friends. She drives her Cynthia car.
From Hey Arnold!:
- Arnold Shortman: A bold foootball-headed kid who tries to solve problems of every day life. He drives a cardboard soapbox kart.
- Helga G. Pataki: A girl who picks on Arnold but is secretly in love with him. Like Arnold, she drives a cardboard soapbox kart.
- Sid: A kid from Arnold's class. He drives a motorcycle.
From The Wild Thornberrys:
- Eliza Thornberry: A girl with the ability to talk to animals. She drives a miniature version of her family's Comvee.
- Darwin: A chimp who is also Eliza's best friend. He drives a jungle Jeep.
- Donnie Thornberry: A wild boy who eats bees and is Eliza's adopted brother. He drives a bee bike.
- CatDog. A cat and dog formed together. They drive the minivan seen in the episode Fred the Flying Fish.
From The Angry Beavers:
together in a little log, but in the GBC version, they drive separately and their names are labeled vice versa.
From Aaahh!!! Real Monsters:
- Ickis: A cowardly, rabbit eared monster with the great ability of looming. He drives a beetle-shaped car. He does not appear in the GBC version.
From The Ren and Stimpy Show:
- Stimpy: A dimwitted feline with a passion for Gritty Kitty,
pre-chewed gum, and his pal, Ren Hoek. He drives a litter box. He does not appear in the GBC version.
- Ren Hoek: A chihuahua with anger issues and the brains of the duo. He drives a couch car.
From SpongeBob SquarePants:
- SpongeBob SquarePants: A loyal sea sponge who loves his job at
the Krusty Krab and his pet snail, Gary. He drives a car that resembles his pineapple house.
- Patrick Star: SpongeBob's loyal, yet lazy starfish friend. He drives a boat.
- Mystery Rider: A racer who, in the end, turns out to be Sheldon J. Plankton. He always tries to think of ways to steal the Krabby Patty formula. The reason he enters the race is so he win the year supply of Krabby Patties. He is an unlockable character.
- Squidward: A squid who gets annoyed by SpongeBob and Patrick. He drives a clarinet shaped car.
- Mr. Krabs: A red crab who is a cheapskate and the owner of the Krusty Krab. He drives a ketchup shaped car.
- Sandy Cheeks: A brown squirrel who lives in her tree dome. She drives a replica of her dome.
The PlayStation game was not reviewed on IGN, while the Game Boy Color version seemed mixed or negative with a 3.0/10 from IGN. The Game Boy Advance edition received an 8.0/10 on IGN.