This is the first time Capcom's characters from the Street Fighter series crossed over and featured characters from the X-Men or any Marvel Comics franchise.
The tag team system was omitted from the PlayStation version due to memory limitations.
The character sprites in this game are reused from X-Men: Children of the Atom (1994) and Street Fighter Alpha 2 (1996). The only characters that are new sprites are the X-Men characters: Rogue, Gambit, and Sabertooth and the reason for that is because they did not appear in any prior Capcom fighting game.
This video game takes place in the Earth-30847 of the Marvel Comics multiverse, together with The Punisher (1993), X-Men: Children of the Atom (1994), X-Men: Mutant Apocalypse (1994), Marvel Super Heroes (1995), Marvel Super Heroes in War of the Gems (1996), Marvel Super Heroes vs. Street Fighter (1997), Marvel vs. Capcom: Clash of Super Heroes (1998), Marvel vs. Capcom 2: New Age of Heroes (2000), Marvel vs. Capcom 3: Fate of Two Worlds (2011), Ultimate Marvel vs. Capcom 3 (2011) and Marvel vs. Capcom: Infinite (2017).