Various embodiments of the present disclosure provide a gaming system and method providing a battling symbol generators game. In various embodiments, each symbol generator of a set of symbol generators employed for the battling symbol generators game is associated with one of a plurality of different characteristics. During play of the battling symbol generators game, the gaming system modifies the set of symbol generators upon the occurrence of various symbol generator set modification events such that more symbol generators of the set are associated with a particular characteristic and/or such that fewer symbol generators of the set are associated with another characteristic. The gaming system provides a bonus when a designated quantity of the symbol generators of the set are each associated with a particular characteristic.