Supreme Ruler: Cold War continues in the same vein as its predecessor, Supreme Ruler 2020, being a grand strategy computer wargame. As its name name implies, this game is set during the Cold War, with a time frame spanning from the late 1940s to the early 1990s. The game offers two main game modes: Campaign, where you can play as either the USA or the USSR, or Sandbox, where you can play as any one country, a number of Scenarios are also included in the game.

Like Supreme Ruler 2020, this game allows the player to control the economy, diplomacy, trade, military and espionage of a country, as well as its research and production. The interface of the game has received an overhaul, but is still essentially the same as in the previous instalment. One important addition to the game is the presence of a 'sphere of influence' system which adds a new facet to diplomacy.