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Currently, there is no actual "My Little Pony" fighting game but there is one game very much close to the original series called "Them's Fightin' Herds." Its basic elements are a lot similar to the popular four-button fighting games like "Tekken" and "Street Fighter" but, of course, with its own twist.
When doing combos, players would often keep their enemy opponents up in the air for as long as possible to prolong the combo. The same goes for "Them's Fightin' Herd" but there is a new mechanic called the "Juggle Decay." This mechanic makes it harder to keep juggling as time passes as the players become heavier and heavier.
The combos do look quite unique given that the characters are mostly four-legged. After all, they are ponies. Interestingly enough, the character designs were made by a member of the official art team for the "My Little Pony" cartoon series, Lauren Faust. In fact, it was she who contacted the developer of the game, Mane6.
Around five years ago, Mane6 already had a plan to make a fighting game that is entirely based on the cartoon series. The game would have been called "My Little Pony: Friendship is Magic." Unfortunately, creator of the series, Hasbro, ordered it to be shut down.
This game they have now had been possible due to the nearly $600,000 fund that they were able to raise on their IndieGoGo campaign back in 2015. They were able to partner up with Humble Bundle as well. With this, they even plan to release a "Goat DLC and Goat story," per PC Gamer.
"Them's Fightin' Herd" will be out on the PC on Feb. 22, 2018. There is no news yet on a possible console release, but given the circumstances it may seem quite unlikely for now.