The GameCube and Xbox received an updated version titled Capcom vs. SNK 2 EO, where "EO" stands for "Easy Operation" in Japanese releases[11] and "Extreme Offence" in European releases,[12] referring to a game-mode intended for novices.

This time, the political conflicts of the Garcia Financial Clique and the Masters Foundation have a rematch once again by releasing a million dollar fighting tournament called Mark of the Millennium 2001/Millionaire Fighting 2001, all of the original fighters from both powers clash once again, but with more fighters both legends and newcomers.

Endings change depending on the player's performance, taking final score and certain conditions into account.

The result created a significant disparity, particularly in the case of characters like Morrigan Aensland, whose sprite from the Darkstalkers games appears retro and lacking in detail when compared to Capcom's newly drawn characters, such as Maki, Eagle, Ryu, Ken, and M. Bison.

[15] Just like the first game, the Dreamcast release of Capcom Vs. SNK 2 also links up to the Neo Geo Pocket Color and SNK vs. Capcom: Card Fighters Clash using the Neo Geo Pocket Color link cable.

Unlike the first game, which was based on a King of Fighters-style two-strength, four-button system of punches and kicks, Capcom vs. SNK 2 is based on the three-strength, six-button system of punches and kicks native to the Street Fighter series, and the SNK characters have been tweaked to fit the six-button style.

However, a number of different fighting styles called 'Grooves', which mimic other Capcom and SNK games, are included in the engine.

These dictate both the character's Super Gauge system, and special techniques, such as dashes, running, and guard cancels, called "Subsystems."

Like all other home versions of the game, CvS2: EO also contains four bonus characters: Evil Ryu, Orochi Iori, Shin Akuma (Shin Gouki in Japan), and Ultimate Rugal (God Rugal in Japan), powered-up versions of four regular characters.

AllGame gave the PS2 version a score of three stars out of five, saying, "Those who haven't played a fighting game in a long time might also be impressed, but the weak visuals will be a major turnoff for the average gamer.

[59] In 2010, Marissa Meli of UGO.com listed Capcom vs. SNK 2 among the top 25 fighting games of all time.

[62] Rich Knight and Gus Turner of Complex ranked it as the fourth best 2D fighting game of all time in 2013.