Play as Lilith

Marvel Vs. Capcom unfortunately sees the return of stupidly long codes for things. The numbers in brackets represent how many times you have to press the direction. Highlight Zangief at the character selection screen. Then, press left (2), down (2), right (2), up (2), down (4), left (2), up (4), right, left, down (4), right (2), up (4), left (2), down (4), right, down. |
Play as Mega War Machine

Highlight Zangief at the character selection screen and press left (2), down (2), right (2), down (2), left (2), up (4), right (2), left (2), down (4), right (2), up (2), left (2), down (2), right (2), up (4). |
Play as Orange Hulk

Highlight Chun-Li at the character selection screen. Press right (2), down (2), left (2), right (2), down (2), left (2), up (4), down (2), right (2), up (2), down (4), up (4), left, up. |
Play as Red Venom

Highlight Chun-Li at the character selection screen. Press right, down (4), left, Up (4), right (2), down (2), left (2), down (2), right (2), up (4), left (2), up. |
Play as Roll

Highlight Zangief, then press: left (2), down (2), right (2), down (2), left (2), up, right, up (2), right (2). Roll's portrait will appear next to Mega Man's. |
Play as Shadow Lady

Highlight Morrigan then press up, right (2), down (4), left (2), up (4), right (2), left (2), down (2), right (2), down (2), left (2), up (2), right (2), up (2), left (2), down (5). |
Attack a knocked out opponent

If you win you can stop your character's win pose by pressing start and, if you want, continue attacking your opponent. |
Bonus points

Win a fight and then press start at the score screen so you can keep hitting your opponent. If you time it so the screen changes as you are doing a special move or a hyper combo, you will be given some bonus points for it. |
Hidden stage

On the bath tub stage (looks like this), keep throwing your opponent at the wall at the far right. After the opponent is thrown into this a few times the wall will break, revealing another room which you can fight in. |
Change starting order

At the VS screen, if you hold down all three punch buttons you can change the order of your character. If you used the screenshot above as an example, if you held down the punch buttons you would have Jin as your starting character instead of Captain America. |
Fight Lilith

You can fight any of the hidden characters by meeting certain requirements. However there seems to be no concrete method, I've checked several sites and each one has a different way of doing it. Hopefully these should work. The hidden characters are always paired up with a predetermined partner (e.g. Roll is always with Mega Man, Shadow Lady is always with Jin). The Marvel hidden characters will have Sentinel for their assist character, whilst the Capcom ones get Shadow. To fight Lilith, you need to meet these requirements before stage 7: |
Fight Mega War Machine

Finish five fights with a hyper combo, finish two fights with a duo team attack and never let either of your characters get knocked out. |
Fight Orange Hulk

Win three fights with a duo team attack finish, and never let either of your characters get knocked out. |
Fight Red Venom

Get the first attack every round, finish four fights with a duo team attack, finish two fights with a hyper combo and never let either of your characters get knocked out. |
Fight Roll

Finish two fights with duo team attacks, finish three fights with a hyper combo and never let either of your characters get knocked out. You also need to use up your entire assist character stock in each fight. |
Fight Shadow Lady

This one seems to be the one most people have trouble with, but this method worked for me: |
Dreamcast version cheats

You can permanently unlock all of the hidden characters by meeting and beating each of them in arcade mode (see above for the requirements). After you do all of this, a new mode called "ONSLAUGHT" will be made available at the main menu. This mode lets player one pick Onslaught, and you can either fight another player or the CPU. |
PlayStation version cheats

You can permanently unlock the hidden fighters by beating the game with certain characters (see the top of this page for more info). To unlock Onslaught, beat the game with any character, then at the character select screen highlight Wolverine and press down. |