The Genesis version of Virtua Racing is the only licensed game for the system to use the Sega Virtua Processor. Similar to the SNES's Super FX chip used in games such as Star Fox, the SVP greatly improved the Genesis's ability to render large numbers of polygons. Due to the extra hardware, Virtua Racing cost $99.95 at launch, making it the most expensive mass-produced domestic Genesis cartridge.

The Saturn port of Virtua Racing was outsourced by Sega to the publisher Time Warner Interactive. However, Sega did not provide the developers with the source code for the game or initially a Saturn development kit, instead only giving a single arcade cabinet and some model data. The developers were thus forced to reverse engineer Virtua Racing to the best of their abilities. As a result, the game handles significantly differently from any other version of the game.

Despite a troubled development, Time Warner added a significant amount of extra content to the game, including a Grand Prix mode and increasing the 1 vehicle and 3 tracks to 5 vehicles and 10 tracks. As of 2024, this makes the Saturn version to most content-rich version of Virtua Racing.