Golden Arena is a dungeon-based survival mode, in which players travel through various dungeons to increase the fighter's stats. Two additional story campaigns are available: one allows players to replay the character campaigns from Persona 4 Arena, while the other is included with the Tohru Adachi downloadable content and focuses on his actions during the story. The game's story mode is now split into two separate campaigns for the Persona 3 and Persona 4 casts, as opposed to a campaign for each character. They also keep their SP over multiple rounds instead of resetting each time and possess an exclusive Shadow Rampage ability, which replaces the Burst command, giving the characters infinite SP for a limited time. These Shadow versions differ by being largely skill-based variants of their counterparts, employing a high-risk high-reward play style thanks to reduced normal attack damage and an altered move set with lacking defensive options. Also new to Ultimax is the ability to choose 'Shadow Types' for many of the game's characters. Along with balance adjustments and new moves added to the returning characters, a new S-Hold system allows players to charge up their attacks. Like the previous title, Persona 4 Arena Ultimax is a fighting game in which characters from both Persona 3 and Persona 4 battle each other using a variety of special moves, combos, and Persona abilities. The game was well received by video game publications. While retaining gameplay elements from Persona 4 Arena, now the player can directly choose each character's Shadow that change the gameplay elements. As the story progresses, the cast meets apparent culprit behind this, a teenager known as Sho Minazuki. Set shortly after the events of Persona 4 Arena, the story focuses on the two protagonists groups, The Investigation Team and the Kirijo Group, who are trapped in a dimension known as the Dark Hour where they encounter doppeldangers known as Shadows.

Unlike the previous game, it features no region locking. The game was originally released in Japanese arcades in November 2013, and was released worldwide for the PlayStation 3 and Xbox 360 in 2014. It is the direct sequel to the 2012 game, Persona 4 Arena, which is itself a follow-up to the role-playing game, Persona 4. Persona 4 Arena Ultimax is a fighting video game developed by Arc System Works and Atlus.

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