NASCAR Racing and its sequel shipped above 2 million copies globally by March 1998, and shipments of the first game alone surpassed 1 million units by 2004. Its revenue for that year was estimated at $2.28 million. In the United States, NASCAR Racing (bundled with its Track Pack add-on) was the 24th best-selling computer game of 1998, with another 225,737 units sold. Its sales reached 350,000 units by December 1995, following its October 1994 release, and rose to 400,000 copies by February 1996. NASCAR Racing was a major commercial success. In the PlayStation edition of the game, the player races as a rookie in the number 96 Papyrus car. Papyrus did produce a Daytona track only for use exclusively at a fan simulation game at the Daytona USA museum. hardware accelerated versions were later created and bundled with the Matrox Millennium and Diamond Edge 3D. The CD-ROM version of the game also offered a SVGA graphics mode which was accessible through the command prompt (by entering 'nascar -h'), but it was too demanding for many of the computers of its age, mostly 486 and early Pentium PCs.

The game let the player race with up to 38 other cars (32 on shorter tracks like Bristol and Martinsville) and it also offered multiplayer action via direct links (one computer connected to another via a LAN) and also through an online system owned by Papyrus called Hawaii. The PlayStation version features 20 of the 39 regular drivers from the 1996 season. Notable absences included Dale Earnhardt (who would go on to win the Winston Cup that year), Dale Jarrett, Kyle Petty and Darrell Waltrip, although the latter's brother, Michael, was included. It featured more than 25 of the 40 regular drivers in the 1994 NASCAR Winston Cup season. NASCAR Racing was released in the fall of 1994 for DOS personal computers.

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