King of Fighters XV has been a big success for SNK. The series has always floundered in the United States in the past, which is the biggest market for fighting games. However, perhaps because of things like Terry in Smash Bros, it seems that King of Fighters is finally thriving stateside. It was because of this that SNK was able to announce continuations of long-dead series like Fatal Fury.
Of course, King of Fighters' success inside entirely because of outside forces. It has one of the best casts of any fighting game, partially due to being comprised of multiple other game series. There are some truly powerful characters in the library. Some of them are strong in-game, some are powerful in-story, but they all are some of gaming's most underrated.
Mai Shiranui Is One Of SNK's Most Popular Characters
The Incredibly Popular Ninja
Mai Shiranui is one of SNK's most popular characters. Technically speaking, she's not from KOF, but actually the earlier series, Fatal Fury. Shiranui is a ninja who trained alongside Terry's brother and developed a crush on him. She actually wasn't that important in the series, but King of Fighters gives her a bigger role as the lead of her own team.

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Mai is a kunoichi in the Shiranui style. As a result, she is skilled at assassination as well as numerous fire-based attacks. Her jumping ability is typically incredibly strong, and she usually has projectiles, as well. This makes her a powerful character for newcomers.
Takuma Sakazaki Excels At Close Combat
Also Known As Mr. Karate
This character was originally known only as "Mr. Karate" and wore a black gi and a Tengu mask. In later games, it was revealed that Mr. Karate is actually Takuma Sakazaki, a fighting expert who lived in the US for most of his life. Takuma is the father of Ryo Sakazaki and Yuri Sakazaki, two other powerful characters who carry on his teachings.
Thanks to his teachings, Takuma is a strong fighter who excels at close combat. He might look like a regular karate master, but he's more powerful than he appears. Takuma can move faster than light since he's capable of dodging attacks from the light wielder Elisabeth Blanctorche. He also easily blocked a Zero Cannon blast, which was meant to wipe out an entire city.
K' Is An Excellent Fighter
It's Pronounced "Kay Dash"
K', or Kay Dash, is constantly compared to Kyo Kusanagi. Although he shows up before Kyo in this list, there's no definitive answer regarding which character is canonically stronger. Kyo has a better control over his fire powers, while Kay Dash is the better overall fighter.
The character's other downfall is his lazy and arrogant personality, which stands in stark contrast to Kyo's more serious and ambitious nature. This has led to the fighter being called an inferior version of Kyo, and the "second Kusanagi flame." Kay Dash is determined to sur his namesake.
Kyo Kusanagi Was Created As A New Protagonist
The Flaming Hero
Kyo Kusanagi was created as the new main protagonist for King of Fighters. He led a team of fighters called Team Japan and while his teammates have been variably important over the years, Kyo has always been important. Even after ing the mantle down to other fighters, he's still usually important.
This is due to his natural pyrokinetic power. The ability to control flame has been ed down the Kusanagi line. Originally, Kyo doesn't care about his destiny, but after training, he's become a powerhouse. He forms one of the "Three Sacred Treasures" group, destined to fight against evil gods, so he's gotta be tough.
Chizuru Kagura, The Swift Shamaness
The Calmest Of The Sacred Artifacts
Chizuru's real last name is Yata, though she's known in the game as the "Swift Shamaness." Together with Kyo Kusanagi and Iori Yagami, Chizuru one of the Sacred Artifacts that originally sealed away the powerful god Orochi.
Her personality doesn't match her power, since she's mild-mannered and quiet. However, looks can be deceiving, and Chizuru has some features that make her one of the most powerful King of Fighters characters. Thanks to her priestess skills, she's capable of reflecting attacks and enemies, seal enemy powers, and even see the future.
Leona Is A Member Of The Ikari Warriors
Warrior With The Orochi Blood
Leona is a member of the Ikari Warriors team. She appeared in a later King of Fighters game than the rest of the team but has become a fixture of the series due to her unique role in the story. She was originally from a tribe dedicated to the evil god, Orochi. Her adopted father rescued her from them and watches out for her due to her Orochi blood.
This Orochi blood can cause Leona to enter a dangerous state in which she becomes manic and destructive, indiscriminately attacking everything around her. To control this power within her, she's gone through strict military discipline training. However, her hair still turns red when she uses her Orochi power.
Shermie Is Fast & Effective
A Quick Grappler
Shermie is a member of an evil cult dedicated to resurrecting the evil god Orochi. She's also in a band with the two other of her team, Chris and Yashiro. All three of them are equally powerful, but Shermie is the most prevalent and popular of the three.

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She's a good pick for any team composition as a grappler and unique among Grappler-type characters, as she is actually quite fast and able to avoid most attacks. However, she does struggle with defensive options and projectiles.
Saiki Is A Powerful Antagonist
The Certified Bad Guy
Saiki is the primary antagonist of The King of Fighters 13. He is a true chaotic evil, hating humanity but also not caring about his own evil organization. Saiki's powers come from his ancient blood, and this same God-like powers make him believe he's superior to humans. He's also able to manipulate time to travel back and forth at will between time periods.
Players can't wield his most powerful Awakened form, but his normal version is available to unlock in the game. He relies on kicks and dark energy attacks, imbuing his attacks and projectiles with the ancient power of darkness. He's also able to teleport, making him a powerful playable character and a formidable opponent in battle.
Ash Crimson Can Absorb Powers Of Other KoF Characters
The Evil Hero & Third Protagonist
Ash Crimson was the third protagonist of the series. He was meant to be an "evil hero," in contrast to the other previous leads. He also contributed to the cinematic story of these fighting games becoming quite convoluted. Ash was actually the reincarnation of a time-based proto-God called Saiki.
At least, maybe, as a lot of details about Ash were not clear. However, what is clear is he was raised with the Blanctorche family and attempts to free them from their destiny of fighting the Orochi bloodline. To do this, he absorbs the powers of many other KOF characters, including Saiki. This makes him ungodly powerful for a time, but he actually uses this power to erase himself and foil Saiki's plans.
Terry Bogard, Master of Tung Fue Rue's Style
A Carry-over From A Previous Fighting Game
Before King of Fighters, there was a similar game called Fatal Fury. It was a take on Street Fighter 2 developed by Street Fighter 1's creative lead and a personal story of revenge starring one Terry Bogard. Terry would go on to appear in King of Fighters, and although he wasn't the protagonist, he was still one of its biggest faces.
Terry is a master of Tung Fue Rue's style of martial arts. However, he doesn't fight with one style, but a mix of boxing, karate, kickboxing, and more. This makes him one of the most well-rounded characters in the game, with tons of options and different combos. He also can harness energy for devastating attacks, like the indomitable Buster Wolf.