The core game is based on Hangman. each turn has a category and a blank word puzzle, with each blank representing a letter in the answer and displaying punctuation marks as needed. Such rounds give clues that bind the words in the puzzle together, rather than traditional categories, and contestants win by solving all the words in the crossword. The nominal Wheel of Fortune is a roulette wheel mechanism with 24 spaces, most of which are marked with dollar amounts ranging from $500 to $900, plus a maximum dollar value of $2,500 for Round 1, $3,500 for Rounds 2 and 3, and $5,000 for all Rounds 4 and beyond. The wheel also features two "bankruptcy" wedges and a "lost turn" feature, both of which lose the contestant's ability to turn, and the former of which also eliminates any cash or prizes the contestant has accumulated during the round. Each game has three contestants, or occasionally three teams of two contestants, with their flippers behind a single scoreboard. From the viewer's perspective, the scoreboard is red on the left, yellow in the middle, and blue on the right, with the position of the contestants determined by random selection prior to the shoot.

Contestants spin the wheel to determine the dollar value and guess the consonant. The correct letter called is given the value before the corresponding block, multiplied by the number of times that letter appears in the puzzle. It also allows contestants to spin again, buy a vowel for a fixed price of $250, or try to solve the puzzle. The contestant can continue to purchase vowels as long as they have enough money to do so until all the vowels in the puzzle are shown. If the steering wheel lands on "turn or bust", control is passed clockwise to the next contestant, and if the contestant calls a letter that is not in the puzzle, he or she calls a letter that has already been called in that round, and fails to call that letter within 5 seconds of stopping for a few seconds, or attempts to solve the puzzle are unsuccessful. The only exception was the "Free Play" wedge, where contestants could call consonants, call free vowels or attempt to solve the puzzle for $500 per appearance without being penalized for turns that would normally result in a turnaround.

In the first three rounds, the reels contain wildcards and gift tags. The wildcard can be used to call another consonant (the amount the player just spun) after any round, or you can enter the bonus round to call an additional consonant here. Gift tags can be used to provide $1,000 in bonus money for purchases or $1,000 in cash from the sponsoring company. A special wedge will award a prize during the first two rounds. All tags and bonus wedges are located on the $500 wedge, so a call to land a letter in the puzzle will award a tag/wedge and $500 each time that letter appears in the puzzle. the first three rounds also contain a special wedge that, if won and entered into the bonus round, will give a chance to play that round for $1,000,000. Contestants must solve the puzzle to retain any cash, prizes or extras accumulated during that round, except for the wildcard, which remains until the contestant loses it to a bankrupt or uses it. The bankruptcy does not affect the scoring in previous rounds, but it does take away the wildcard and/or the million dollar deposit if someone claims it in a previous round. Those who settle the contest for less than $1,000 in cash and prizes ($2,000 per week for teams of two) will have their scores increased to that amount.

Each game also features five toss-up puzzles, which can be played one random letter at a time to each puzzle and awards cash to anyone who rings in with the correct answer. The first puzzle, worth $1,000, determines who the host interviews first; the second, worth $2,000, determines who spins in the first round. The third through fifth, collectively known as the "triple toss," occurs before the fourth round. During the "Triple Toss" round, three consecutive "toss" puzzles are played, each with the same category and the same theme. A $2,000 cash prize is awarded for solving any one of these prizes, while solving the third also earns the right to start the fourth round. Each contestant who throws a puzzle can only make one call and no cash will be awarded if all three contestants fail to solve the puzzle or reveal the last letter. In this case, the contestant closest to the host comes in first. In addition to the competition, each game is played for a minimum of four rounds, with more if time permits. The second and third rounds are played by the next two contestants starting clockwise from the first round contestant.

The second round has two "mystery wedges". After landing on a correct letter, contestants will have the opportunity to accept their face value of $1,000 per letter or forfeit that amount to flip the wedge and see if its reverse side contains a $10,000 cash prize or bankruptcy. Once one mystery wedge is flipped, the other becomes a standard $1,000 space that cannot be flipped. Round 3 is a prize puzzle, which offers a prize (usually a trip) to the contestant who solves it. Starting with Season 31 in 2013, the "Express" wedge was also placed on the steering wheel in Round 3. Contestants land in this space and call the consonants that appear in the puzzle for $1,000 per appearance. Call consonants (no spins) and buy vowels for $250. The quick game ends when the participant calls the wrong letter (which has the same effect as falling on the "bankrupt" wedge) or solves the puzzle.

The final round is always played at least in the "accelerated" format, with the host spinning the wheel. If this spin falls on a "turn or bust", it will be edited from the broadcast and the moderator will spin the wheel again. During the acceleration round, the vowels do not increase or decrease the contestant's score. A player in control will call a letter and if it appears in the puzzle, the player will be given 3 seconds to try to solve it. The game starts with the contestant who was in control at the last spin and proceeds clockwise until the puzzle is solved. The three-second timer does not start until after the hostess has revealed all instances of the called letter and removed it from the puzzle board, and the contestant may make multiple guesses on his/her turn. After the acceleration round, the contestant with the highest total prize will win the competition and move on to the bonus round. Participants who do not solve the puzzle will receive a consolation prize of $1,000 (or $2,000 per week for a team of two participants).

If there is a tie for first place after an accelerated round, there will be an additional toss-up puzzle between the tied contestants. The contestant who solves the toss-up will win $1,000 and move on to the bonus round.