Edge's Challenge Dungeon consists of five floors. The faster the player can get to the fifth floor and open the final treasure chest there, the higher the chance it contains a rare item. Reaching the chest in under five minutes mostly ensures it will be a rare item. The Final Fantasy IV: The Complete Collection version is more generous with time and allows up to ten minutes to get the best items.
There is no boss in the dungeon, but the player must fight a handful of scripted encounters with enemies at pre-chosen points on each floor. These scripted encounters can be any formation of enemies encountered on the floor.
Treasure chests contain random items and occasionally a chest will be a monster-in-a-box, in which case the player will fight a random assortment of the enemies that are encountered on the floor, and receive one of two rare items for winning. There are two rare items per floor, after they are obtained all the chests on that floor will contain random items and no monsters.