Capcom Vs. SNK Millennium Fight 2000 was released in August 2000.

The story between Capcom and SNK, or to be more specific, Ansatsu-Shotokan (the style of Ryu, Ken, Gouki and to a lesser extent, Sean and Sakura), Kyokugen-ryuu (the style of Ryo, Robert, Yuri, Takuma and Marco) and Saikyou-ryuu (the style of Dan and to a lesser extent, Blanka and Sakura), has been well-documented. Essentially, Saikyou-ryuu claims to be a parody of Ansatsu-Shotokan, but was really a shot at Kyokugen-ryuu, which some people say was ripped-off of Ansatsu-Shotokan.

Capcom actually created the conflict that started the infamous real-life Capcom Vs. SNK battle, when they claimed "Art of Fighting" ripped off "Street Fighter"... then ripped off "Art of Fighting" with their "Street Fighter Alpha" games (Ryu - Ryo, Ken - Robert, Akuma - Takuma, Sakura - Yuri...). Note that SNK changed the cast for "Art of Fighting 3", and Capcom kept updating "Street Fighter Alpha 3".

You can choose two grooves. One represents Capcom and the other SNK. The grooves came from one of the company's games. Capcom's groove came from the "Street Fighter Alpha" series, which let's you power up your meter up to three levels. You can vary the strength of your super based on what buttons you press. The SNK groove came from "The King of Fighters 94" to 96, in "The King of Fighters 97" & 98 it was under the Extra system. The meter increases as you are attacked or you can charge it yourself by pressing HP/HK. When your health is low, your supers become more powerful.

One stage is called 'Stage of Final Fight', which is based on the Slums from "Final Fight".

The theme for Geese Howard's stage (Vigor Force) contains a voice sample from the original Star Trek series; Season 1, Episode 10 ("The Corbomite Maneuver"). The sample says "you are being taken under our power to your destination".

M. Bison's taunt, in which he removes his hat and slicks back his hair, is based on an illustration by Capcom artist Bengus for "Super Street Fighter II".

Akuma uses the EXACT same button combination for the Shungokusatsu as Yuri uses in "The King of Fighters 2001" for her parody move, the Yuri Chou Enbu. Notably, the latter move is not available in "Capcom Vs. SNK.".

Suleputer released a limited-edition soundtrack album for this game (Capcom VS. SNK Millennium Fight 2000 Original Soundtrack - CPCA-1045) on 20/09/2000.