Live for Speed (LFS) is a racing simulator developed by a three-person team comprising Scawen Roberts, Eric Bailey, and Victor van Vlaardingen. The main focus is to provide a realistic racing experience for the online multiplayer game and to allow single player races against AI cars. Users can set personal bests which can then be uploaded to LFSWorld in hotlap mode, and take driving lessons in 'training' mode.

LFS is entirely distributed via the Internet. It can be downloaded and installed for free from the official website, but unlocking all of the content (and some features) requires purchasing a license. Without a license it functions as a content-limited demo without time restrictions, with only one track and three cars available.

LFS features input support for steering wheels, mice, keyboards, joysticks, and gamepads. It supports output to 2D and 3D including virtual reality goggles like Oculus Rift.

Races can either be set to end at a certain number of laps, or be set to run for a certain length of time, as seen in endurance racing. There is support for refueling and tire changes in pit stops and mid-race adjustment of pit strategy. Pit lane speed limits of 80 km/h (50 mph) are enforced by penalties similar to those seen in real motorsport, including drive-through, stop and go, or time penalties. Starting grids can be determined at random, from the finishing positions in the previous race, or from the results in a qualifying period before the race.

A training mode is included to help drivers acquaint themselves with driving skills and the handling characteristics of each car. The lessons cover subjects such as cornering, throttle and brake control, and negotiating opponents. To pass each lesson, the lesson must be completed within a certain set of objectives. They are arranged as in sets, one for each car and ordered from slow to fast. Each lesson must be completed before advancing to the next, however, completing them is not necessary to unlock cars, as all are available in any other mode from the beginning.