Players can explore the open world; possess four characters, each of whom has their own story and skill tree; talk to non-player characters; play minigames; solve puzzles; and engage in combat with enemies and bosses.

Following the original's success, developer Sanzaru Games was acquired by Meta's Oculus Studios in 2020.

[6] IGN gave it a perfect score and made it their editors' choice, writing that it "sets a new gold standard for VR" and competes with the best role-playing games on any platform.

[8] NPR's reviewer said Asgard's Wrath 2 had become his new favorite VR game and wrote that "the gameplay, pacing, and story are a gift from the gods".

[9] Siliconera called it "a genuinely cool, well-crafted endeavor" and said the only drawback was that the graphics were limited by the Meta Quest 3 compared to non-VR platforms.