Play as Dr. Doom
Getting the hidden characters in the arcade version is near impossible as it requires the arcade owner to set the game to free play -as in people could play the game without inserting any coins, which is no good for business. Anyway, if you manage to get the game on free play you then have to hold down credit switch one (whatever that means), then at the character select screen hold start and quickly input FK, JP, down, SK, SP.
For the console versions, beat the game once. Make sure the "shortcut" option isn't on and go to the character select screen. Highlight Spider-Man and press down twice, holding the direction on the second press. Then press SK and hold it down, followed by FK and holding it down and the finally RK.
Play as Thanos
Again, to play as Thanos in the arcade version the game has to be set to free play. Hold down credit switch one and then at the character select screen, hold down the start button and press RK, SP, SP, up.
For the console versions, beat the game once. Make sure the "shortcut" option isn't on and go to the character select screen. Highlight Captain America and press up twice, holding the direction on the second press. Then press FP and hold it down, followed by SP and holding it down and the finally JP.
Play as Anita
These codes only work in the Japanese versions of the game. In the arcade version you need to do the usual free play/hold down credit switch one stuff, and then at the character select screen hold down start and quickly press SP, JP, left, SK, FK.
For the console ports press up, right, down, left, up, right, down, left and then press and hold JP, then press and hold SP, and finally press FP.
No infinity gems mode
This only works in the two player versus mode. After both players select their characters, simply hold down the two start buttons at the VS screen and keep them held down until the match starts. If it worked, it should say "NO GEMS" at the bottom of the screen.
Alternate color select
For any character on the top row of the character select screen, hold up for three seconds then press any button. For any character on the bottom row, hold down for three seconds then press any button. The selected character will appear in different colors than usual.
Attack a knocked out opponent
In the winning round of a fight you can stop your character's win pose by pressing start and, if you want, continue attacking your opponent. Only normal punches and kicks work though.
To do this in the Saturn version press L+R, and for the Playstation version press select.