Like its predecessor Millionaire, Tycoon is a business simulation casting you in the role of an investor - this time in the commodity market. You start out with $10,000 in cash, and your quest is to turn that into much more by buying and selling various commodities. Each game turn represents one week, and allows you to survey the market by taking note of changing prices, reading the news, and reviewing the contracts on offer before you determine your actions. Your success is measured by your net worth; to win, you'll have to attain the status of Tycoon by amassing one million dollars.

You start out as a Novice, which only lets you trade in a limited number of high-margin commodities, and make long-position investments. If you can increase your net worth, more opportunities open up: you may trade in more commodities, enjoy smaller margin deposits, and take short positions as well. One player may compete at a time, but the game can keep a roster of up to 14 players with their achievement histories. There's a single save slot to store your session for a later time.