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

This game is designed to be joined 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 described in the Europe 1940 manual as Axis & Allies Global 1940.