Each game of Jeopardy! features three contestants competing in three rounds: the Jeopardy! round, the Double Jeopardy! round, and the Final Jeopardy! round. In each round, contestants are presented trivia clues phrased as answers, to which they must respond in the form of a question that correctly identifies whatever the clue is describing. For example, if a contestant were to select "Presidents for $200", the resulting clue could be "This 'Father of Our Country' didn't really chop down a cherry tree", to which the correct response is "Who is/was George Washington?"

The Jeopardy! and Double Jeopardy! rounds each feature large electronic game boards consisting of six categories with five clues each. The clues are valued by dollar amounts from lowest to highest, ostensibly by difficulty. The values of the clues increased over time, with those in the Double Jeopardy! round always being double the range of the Jeopardy! round. On the original Jeopardy! series, clue values in the first round ranged from $10 to $50 in the Jeopardy! round and $20 to $100 in Double Jeopardy![6] On The All-New Jeopardy!, they ranged from $25 to $125 and $50 to $250. The 1984 series' first round originally ranged from $100 to $500 in Jeopardy! and $200 to $1,000 in Double Jeopardy! These ranges were increased to $200–$1,000 and $400–$2,000, respectively, on November 26, 2001.

Gameplay begins when the returning champion (or in Tournament of Champions play, the highest seeded player, or in all tournaments' second or final round play, the player with the highest score in the previous round) selects a clue by indicating its category and dollar value on the game board. The two (or if there is no returning champion, three) challengers, or in non-Tournament of Champions play, first round tournament contestants, participate in a random draw prior to taping to determine contestant order, and if there is no returning champion or in first round play of regular tournaments, the contestant who drew the first lectern starts first. The underlying clue is revealed and read aloud by the host, after which any contestant may ring in using a lock-out device. The first contestant to ring in successfully is prompted to respond to the clue by stating a question containing the correct answer to the clue. Any grammatically coherent question with the correct answer within it counts as a correct response.[8] If the contestant responds correctly, its dollar value is added to the contestant's score, and they may select a new clue from the board. An incorrect response or a failure to respond within five seconds deducts the clue's value from the contestant's score and allows the other contestants the opportunity to ring in and respond. If the response is not technically incorrect but otherwise judged too vague to be correct, the contestant is given additional time to provide a more specific response. Whenever none of the contestants ring in and respond correctly, the host gives the correct response, and the player who selected the previous clue chooses the next clue. Gameplay continues until the board is cleared or the round's time length expires, which is typically indicated by a beeping sound. The contestant who has the lowest score selects the first clue to start the Double Jeopardy! round. If there is a tie for the contestant with the lowest score, the contestant with the last correct question among the tied players will select first in the round, a rule change since season 38 (2021) and made public on an August 2022 show podcast.

A "Daily Double" clue is hidden behind one clue in the Jeopardy! round, and two in Double Jeopardy! The name and inspiration were taken from a horse-racing term. Daily Double clues with a sound component are known as "Audio Daily Doubles", and clues with a video component are known as "Video Daily Doubles". Before the clue is revealed, the contestant who has selected the Daily Double must declare a wager, from a minimum of $5 to a maximum of his or her entire score (known as a "true Daily Double") or the highest clue value available in the round, whichever is greater. Only the contestant who chooses the Daily Double is allowed to answer the clue and they must provide a response. A correct response adds the value of the wager to the contestant's score while an incorrect response (or failure to provide any response at all) deducts the same value. Whether or not the contestant responds correctly, they choose the next clue.

During the Jeopardy! round, contestants are not penalized for forgetting to phrase their response in the form of a question, although the host will remind them to watch their phrasing in future responses if they do. In the Double Jeopardy