The Neo Geo CD was first unveiled at the 1994 Tokyo Toy Show.[6] The console uses the same CPU set-up as the arcade and cartridge-based Neo Geo systems, facilitating conversions, and SNK stated that they planned to release Neo Geo CD versions of every Neo Geo game still in the arcades.[7]

Three versions of the Neo Geo CD were released:

A front-loading version, only distributed in Japan, with 25,000 total units built.

A top-loading version, marketed worldwide, as the most common model.

The Neo Geo CDZ, an upgraded, faster-loading version, released in Japan only.