Panthers in the Shadows is a tactical and hex field based war simulation. In five WWII scenarios, e.g. the invasion of Normandy. the player controls either the Axis Powers or the Allies. Aside from the scenarios there are the game modes "Attack", "Defend" or "Encounter" where the attacker has to move to the opposite end of the map and the defender has to prevent this. In the encounter mode both opponents are gaining ground.

Most of the game is played on the hex field map where movement and attacking orders are filed. Other windows include statistics and detailed settings. There are two phases: In the first one the player give his orders and in the second one the orders are carried out. The execution phase also is divided in several phases: Airstrike, arty, surprise fire, defensive fire, and movement. For the results of the orders the game uses several complex calculations, e.g. every shot from a machine gun salvo is calculated separately. The sighting also uses this calculations and take the vegetation, lighting or smoke into account. It is even possible to see some units in a hex field but not all.

Another important feature are order delays. Orders travel from TF headquarters to the battalion HQ and then to the individual unit. Other things the player has to consider are tactical possibilities like carpet bombing or amphibious assaults and the morale which affect every other action. If the morale of a unit is too low they surrender or go berserk. There are absolutely no animations in the game, all fighting results are shown in text messages