The home console versions consist of 3D platform gameplay. Playing as SpongeBob, the player gains several abilities throughout the game that are needed to progress. The player can alternate between abilities by entering tents set up in each level. Throughout each level, the player must locate and collect letter tiles. After each level is completed, the player must solve a jigsaw puzzle that forms a picture of where to locate the next treasure, each time that happens SpongeBob has a diving rod that would let him know if he (and the player) is close.
The Game Boy Advance version is a side-scrolling platform game with five worlds: SpongeBob's Home, Jellyfish Fields, Sandy's Treedome, the Krusty Krab, Doubloon Bonus World, and a final world on The Flying Dutchman's ship. All levels have SpongeBob looking for the ten treasures (which are unlocked with three keys) and doubloons. Upon completing the game, the player can replay all the levels to go back for what they missed.