

The second mode, dubbed "Speedtrap", sees racers competing with each other to get the highest accumulated speed record at multiple traffic cameras. The first mode is known as "Tollbooth," where a player races alone to designated checkpoints along a point-to-point route before time runs out the more time a player has as they reach a toll booth, the more time they have to arrive at the next one. Meanwhile, Most Wanted sees the introduction of two new racing variations, which places emphasis on speed. The game's four existing modes: Circuit races, point-to-point Sprint races, lap knockout races and Drag races, remain largely unchanged since the first iteration of Underground, while Drifting, Street X, Underground Racing League tournaments and Outrun racing are removed.

In terms of actual variations of races, Most Wanted inherits several racing modes prevalent in its Underground predecessors. New cars and parts are also unlocked as the player progresses through Career mode by beating Blacklist racers. These come in the form of six markers – the rival's pink slip (which is concealed as a bonus marker), two bonus function markers, and three custom backroom parts markers of which there is a body part, visual upgrade, and performance marker ("Junkman Marker") that the player can select – of which the player can choose only two. Career mode introduces a new feature – the ability to win a Blacklist opponent's car ("pink slip"), bonus functions, extra cash or car parts and decors, after defeating the opponent in question. In the Xbox 360 version, the player is awarded with achievements each time a Blacklist opponent is defeated. Achieving goals by winning races and performing a number of actions, dubbed "Milestones", during police pursuits, as well as a minimum Bounty are needed to advance in the storyline and race against any of the mode's 15 Blacklist racers. The available cars and events are unlocked as the player progresses through the storyline in the Career mode. The Quick Race mode allows the player to select a car and an event and immediately start racing. The game provides players with three game modes.
