Shadow Falls has a character roster of twelve fighters - ten immediately playable characters (the two "Double Dragons" and eight Shadow Warriors) and two end bosses. Many of the characters are taken from the Double Dragon animated series that aired during the game's release. Only Bones, Sekka, Blade, and Dominique are original characters, with Blade's design being based on the generic Shadow Warrior soldiers who were on the show. Dominique and the Shadow Master are playable in the Super NES and Genesis versions via a code. In the Jaguar version, Blade, Trigger Happy, and Icepick were removed, while Dominique became part of the default roster.

Double Dragon V: The Shadow Falls! Featuring 12 big lightning-fast characters! Four to six special moves for each fighter! Set your own strength, defense and more. Three different fighting modes. Secret moves and codes! Customizable controls. Unique final moves. Hot rock music tracks and 130+ sound effects!