The King of Fighters: Neowave

Kyo Team

 * Kyo Kusanagi
 * Benimaru Nikaido
 * Goro Daimon

Fatal Fury Team

 * Terry Bogard
 * Andy Bogard
 * Joe Higashi

Art of Fighting Team

 * Ryo Sakazaki
 * Robert Garcia
 * Takuma Sakazaki

Ikari Team

 * Ralf Jones
 * Clark Steel
 * Leona Heidern

Psycho Soldier Team

 * Athena Asamiya
 * Sie Kensou
 * Chin Gentsai

Women Fighters Team

 * Mai Shiranui
 * Yuri Sakazaki
 * King

K' Team (KOF '99 Team)

 * K'
 * Maxima
 * Whip

Dream Team

 * Saisyu Kusanagi
 * Shingo Yabuki
 * Kula Diamond

Korea Team

 * Jhun Hoon
 * Chang Koehan
 * Choi Bounge

Yagami Team

 * Iori Yagami
 * Mature
 * Vice

Outlaw Team

 * Blue Mary
 * Ryuji Yamazaki
 * Billy Kane

'98 Team

 * Yashiro Nanakase
 * Shermie
 * Chris

Secret Characters

 * Orochi Yashiro
 * Orochi Shermie
 * Orochi Chris
 * Vanessa
 * Ramon
 * Kim Kaphwan
 * May Lee (only in PS2 version)
 * Angel (only in PS2 version)
 * Seth (only in console versions)
 * Hinako Shijo Xbox Only

Boss Characters

 * Kusanagi
 * Young Geese Howard (as he appeared in AOF2)
 * Omega Rugal