The game is split into two different modes; Exploration Mode and Action Mode. In Exploration Mode, you drive the All-Terrain Transformatron as Phineas and Ferb explore different locations to find cool stuff. Depending on who's piloting, they have different powers with Ferb having a spin attack and the ability to swing on poles and Phineas having a drill. Each level has collectible chests as well as Ducky Momo plushes. The Ducky Momo multiply the number of sprockets earned from the slot at the end. Sprockets collected can be used to unlock upgrades for the museum and the ATT.
In Action Mode, the player controls Agent P trying to fight Dr. Doofenshmirtz. He does not really have attacks and relies on jumping on enemies to defeat them. He can also use his platypus disguise to get past alarms
The game takes place in the final week of summer. Phineas and Ferb decide to look around the world for cool stuff to make a Museum of Cool. Meanwhile, Perry the Platypus is fighting Dr. Doofenshmirtz as he unleashes his latest invention.