Although it parallels a video game in some ways, Second Life lacks typical gaming objectives. Instead, it presents a world where users are able to create a persona and build a virtual life. This virtual life can entail hobbies, money, property, friends, and even sexual relationships. Real universities have hosted classes and lectures in the Second Life world, and additional developments have been researched to extend the program's educational uses. Currency in Second Life is the Linden Dollar, represented by L$, and it is sometimes exchanged for real money. Users are able to purchase virtual real estate, frequent virtual churches or clubs, and move about a sprawling virtual world as they please. The purchase of virtual real estate and property can be a substantial monetary investment (with real currency) and typically requires monthly upkeep fees.

There have been many instances of controversy throughout Second Life's history. Accusations of unpunished theft and a lack of customer support have caused uproar among users, even leading high-profile Residents to leave the game permanently. Furthermore, other scourges in the online world—such as riots between different social and political groups, bans on gambling and unlicensed banking, and ordinances to prevent the circulation of child pornography—indicate that even virtual worlds are not flawless.