Players can create and name players which can be added to the roster. Players can also be upgraded to 99 using a special feature. Although the player can be named in any way, the commentator can speak out their last name if given American names.
Teams can be unlocked by progressing through the game and completing unique challenges. The game features stars like Magic Johnson, George Mikan, Larry Bird, Wilt Chamberlain, and many others. They are all on one of the All-Star teams, which include the 50's All-Stars, 60's All-Stars, 70's All-Stars, 80's All-Stars, and 90's All-Stars.
The game features the voices of Marv Albert and basketball player Steve Kerr. This was the last NBA Live game released on the Xbox.