Gameplay is presented from the third-person perspective with a primary focus on Miles' traversal and combat abilities. Miles can freely move around New York City, interacting with characters, undertaking missions, and unlocking new gadgets and suits by progressing through the main story or completing tasks. Outside the story, the player is able to complete side missions to unlock additional content and collectible items. Combat focuses on chaining attacks together and using the environment and webs to incapacitate numerous foes while avoiding damage.

Announced at the PlayStation 5 reveal event in June 2020, the game was released as a launch title for the new console on November 12, 2020, in North America and Australia, and November 19 worldwide. A PlayStation 4 version was released the same day, lacking some of the advanced features of its next-gen counterpart such as ray-tracing or a 60 FPS performance mode, because of the console's technical limitations. A Windows version was released on November 18, 2022. The game received praise for its combat, narrative, content, and technical improvements of the PlayStation 5 version. It sold over 6.5 million units by July 2021.