Mickey's Racing Adventure was developed by Rare for the Game Boy Color over the course of approximately six months. It supports the Game Boy Color's infrared port to transmit data between machines. The game was released in November 1999.
Mickey's Racing Adventure received positive reviews from critics. IGN reviewer Craig Harris felt that it was Rare's "first real quality Game Boy Color-exclusive title" after their "atrocious" Conker's Pocket Tales, while GameSpot praised the number of tracks and characters to choose from, stating that Mickey's Racing Adventure "shows how Game Boy racers should be done."