Defeat Boneyard (Team Phantom) in Class D Story mode to unlock him in Arcade mode.
Play as Cinder
Defeat Cinder and her team in Class A Story mode to unlock her in Arcade mode.
Play as Hardcase
Successfully complete arcade mode to unlock Hardcase in Quick Play mode.
Play as KFJ
Defeat KFJ (Team Rogue) in Class B Story mode to unlock him in Arcade mode.
Play as Mask (Jeet Kune Do)
Successfully complete Arcade mode on the Hard difficulty setting with a Jeet Kune Do fighter to unlock Mask (Jeet Kune Do) in Quick Play mode.
Play as Mask (Kickboxing)
Successfully complete Arcade mode on the Hard difficulty setting with a Kickboxer to unlock Mask (Kickboxing) in Quick Play mode.
Play as Mask (Street Boxing)
Successfully complete Arcade mode on the Hard difficulty setting with a Street Boxer to unlock Mask (Street Boxing) in Quick Play mode.
Play as Mask (Tae Kwon Do)
Successfully complete Arcade mode on the Hard difficulty setting with a Tae Kwon Do fighter to unlock Mask (Tae Kwon Do) in Quick Play mode.
Play as Mask (Wrestling)
Successfully complete Arcade mode on the Hard difficulty setting with a Wrestler to unlock him in Quick Play mode.
Play as Reina
Successfully complete Story mode to unlock Reina.
Play as Shaman
Defeat Shaman and his team in Class B to unlock him in Arcade mode.
Play as Smoke
Defeat Smoke and his team in Class C to unlock him in Arcade mode.
Bonus Quick Play mode characters
After unlocking a character in Quick Play mode, highlight the "Random" option at the character selection screen and press Circle until that character appears.
Bonus items
Defeat Cinder's (Class A), Shaman's (Class B), Smoke's (Class C), and Bonyard's (Class D) teams to unlock items used by the corresponding team leader.