The race a player chooses affects many factors in the game, which interact with one another as well. The race chosen by a player influences who he is able to ally with, which productions he has at his disposal, what types of magic he can use, and, ultimately, what strategies he can use to overcome his foes. For example, the Elves are not very strong in direct combat, so they may want to ally with the Dwarves to produce stronger melee units. The Dwarves, on the other hand, are strong in melee combat, but not in stealth or magic and may find times when an alliance with the Elves or Halflings is beneficial.

With 12 playable races, Age of Wonders offers vast opportunities for using different strategies in each scenario, for many hours of gameplay and tons of replay value.