In most Limited events, the player keeps all the cards drafted and adds them to their library, and there are generally prizes based on wins that may give booster packs or in-game currency as a reward. In best-of-three, the event ends after the player completes three matches, regardless of their outcome.

In best-of-one, the event ends once the player has either won 7 or lost 3 matches.

In both varieties of Limited, players attempt to win as many matches as they can with that deck. An additional Limited format called Sealed allows players to open a set number of special booster packs and build a deck only with cards from those packs. Those cards are then used to create a Limited deck used for the event. In Booster Draft, the most common form of Limited play, players compete with several other players by sequentially selecting and obtaining cards from packs provided by the game. Unlike most physical packs of Magic cards and those used in Limited events which usually contain 15-16 playable cards, purchased packs in MTG Arena contain 8 cards (1 rare, 2 uncommon, and 5 common). The game gives new players a library of base cards and pre-made decks from those cards, but as players win matches or complete daily quests, they can earn new booster packs that add cards to their library, and allow players to then customize their decks and improve them. In Constructed play, players create decks of cards from their library. MTG Arena supports both Constructed Deck play and Limited play. Players battle other players using a selected deck, with the goal of reducing the opponent's life-total to zero before their opponent can do the same to them.

MTG Arena follows the same rules as the physical card game, in which players use decks of cards that include land cards that generate five separate colors of mana, and play cards that consume that mana to summon creatures, cast offensive and defensive spells, and/or activate effects and abilities.

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