Taking its cue from the cartoon movie of the same name, Tom and Jerry: The Magic Ring chronicles yet another of the duo's misadventures. Having been entrusted with a magical ring by Chip the Sorcerer, Tom must keep it safe until he returns, or face the consequences. However, Jerry happens upon the ring, and thinking it'd make a wonderful crown tries it on. Unfortunately for the little mouse, it gets stuck on his head, and in a panic, he scampers away to find a way to pry it off. This of course does not sit well with Tom who sets off after Jerry in an attempt to reclaim the ring. After electing to control either Tom or Jerry, players embark on a series of 2D side-scrolling levels with the objective being to eradicate the numerous enemies and boss characters that stand in your way.
Capable of performing jumps and attacks, both characters can make use of any number of weapons and power-ups strewn throughout the game's eight levels. Eggs, shovels, frying pans, bottles, and bats can all be put to good use against the waves of enemies that plague familiar locales, such as the kitchen, park, and even the sewers. Interactive elements can be found in many of the levels, such as a hazardous fireplace and couches that can be used as makeshift trampolines. As they make their way through the game, players will be treated to cameo appearances by a handful of the series' famous and obscure characters, including Robot Cat and even Droopy the Dog. Hand-drawn stills punctuate the action, and set the scene for the upcoming scenario. Progress can be saved using the title's password system.