Up to four players can play Monopoly in one of three game play modes: Standard Game, Short Game, and Timed Game. Players can customize each mode before game play begins.

In a Standard Game, players take turns rolling the dice and moving the spaces required. The object of the game is to buy properties and improve them. Opponents who land on your properties must pay you rent. The more improvements you have made to the property (houses and hotels), the more rent you can charge to your opponents. A Standard Game ends when one player bankrupts all opponents.

Players start each Standard Game with 1,500. Players can earn additional money by collecting rent, passing the space marked "GO," or by drawing positive Chance and Community Chest cards. Players lose cash when they buy properties, pay rent, pay to get out of jail, pay taxes, or draw negative Chance or Community Chest cards.

In order to improve properties, players must own all of the properties in a particular color group. Players may then purchase houses for each property. Once a property has four houses, a hotel can replace them.

A Short Game is played similarly to a Standard Game, except that the bank gives all players three random properties at the beginning of the game. Depending on the options selected, players may have to pay the face value for these beginning properties.

During a short game, players only need three houses on a property before they can build a hotel. Also, a Short Game ends when one player goes bankrupt. Of the remaining players, the one with the most assets wins the game.

A Timed Game is played like a Standard Game, except there is a player-imposed time limit on games. Players take turns until the timer expires, and the player with the most money and property at the end of the time period is the winner. Players can choose to play for 15 minutes, 30 minutes, 45 minutes, or one hour.

In all three game modes, there are options that can be set by players. Players can choose to activate the following options: award money for landing on the "FREE PARKING" space, apply even building rules for monopolies, force players to travel around the board once before buying property, auction any property not bought by a player who landed on it, deny rent to jailed players, trade rent immunity with opponents, or award starting property to players.