Following on AFL Live 2004, AFL Live: Premiership Edition boasts the latest team lists, added gameplay features, and unlockable content like videos from the 2003 season. Also new is the inclusion of the "Wizard Home Loan Club", a pre-season competition with knockout-matches.

Based on Australian Rules Football, the game attempts to recreate the experience of the real games. Users can set up a single exhibition match, or play through an entire season with their favourite team. Features commentary from experts such as Dennis Cometti and Gerald Healy.