Events

Mortal Kombat featured digitized characters rather than typical hand-drawn ones.

Notable releases

• Namco releases Suzuka 8 Hours, Bakuretsu Quiz Ma-Q Dai Bouken, Super World Stadium '92, Super World Stadium '92 Gekitouban, Final Lap 3, F/A, Cosmo Gang the Puzzle, Exvania, Super World Court, Knuckle Heads, Lucky and Wild and Air Combat.
• Origin Systems releases Ultima VII: The Black Gate for the PC.
• Midway Games releases the Mortal Kombat arcade game, which features bloody "fatalities", digitized characters, and started a franchise of games and movies.
• August — Sega releases the Virtua Racing arcade game, one of the first 3D polygonal racing games.
• October 15 — Sega releases the controversial Night Trap video game for the Mega-CD console.
• Blue Sky Productions releases Ultima Underworld: The Stygian Abyss, the first ever first-person 3D CRPG.
• id Software releases Wolfenstein 3D, credited with putting the first-person shooter genre for the PC on the map.
• Nintendo releases Kirby's Dream Land for the Game Boy, the first game featuring the character Kirby.
• Interplay publishes Alone in the Dark, widely considered the first survival horror.
• Sega publishes Sonic the Hedgehog 2 (Sega Mega Drive/Genesis, Master System, Game Gear), which features the first appearance of Super Sonic and Miles "Tails" Prower.
• Super Mario Kart (Nintendo, Super Famicom/SNES), the first in the Mario Kart series, spawned the mascot/go-kart subgenre of racing games
• Super Mario Land 2: 6 Golden Coins was released for the Game Boy, introducing Wario to the Mario series
• Indiana Jones and the Fate of Atlantis was released by LucasArts. It was considered one of the most advanced adventure games of the time and was a breakthrough for LucasArts' SCUMM games
• Dune II was released by Westwood Studios, creating the template for the modern real-time strategy genre.
• Virgin Games publishes The 7th Guest, which becomes a best seller.
• Accolade publishes Star Control 2.
• Varie releases Super F1 Hero on December 18 of this year. This game was made in collaboration with legendary Japanese Formula One star Satoru Nakajima.

Hardware

• JVC releases the Wondermega console in Japan, a Sega Mega Drive and Sega Mega-CD put into one console (later released as the X'eye in North America)
• Philips releases the CD-i multimedia home console
• Super Nintendo Entertainment System released in Europe and Australasia
• Sega releases the Sega CD (an add-on for the Sega Genesis) in North America, almost a year after the equivalent Japanese launch
• Taito Corporation creates the Wowow home console (unreleased)
• TTI (Turbo Technologies Inc.) releases the TurboDuo home console

Business

• Atari Games Corp. v. Nintendo of America, Inc.
• Lewis Galoob Toys, Inc. v. Nintendo of America, Inc.
• Activision (as Mediagenic) files for Chapter 11 bankruptcy protection
• New companies: Wow Entertainment Inc. (AM1), Humongous Entertainment