Axis & Allies Europe 1940, a deluxe edition of Axis & Allies: Europe, includes neutral countries which can also be invaded. There are pure neutrals as well as pro-axis and pro-allied neutrals. Mechanized infantry and tactical bombers are included in the game. Mechanized infantry is represented by half-track miniatures. France (blue) and Italy (brown) have national tokens and dedicated units. The board measures 32 inches high by 35 inches wide (81 x 89 cm).

This game is designed to be combined with Axis & Allies Pacific 1940 to create a six-player game on a map measuring 70 inches wide by 32 inches high (178 x 81 cm). This variant of the game is discussed in the Europe 1940 manual as Axis & Allies Global 1940.