It retains the elevator-based gimmick from the original, but expands the gameplay system and replaces the spy motif with a new scenario involving a paramilitary team fighting against a terrorist group.

The player can also throw an explosive (which serves as the character's sub-weapon) by pressing the shoot and jump buttons simultaneously while standing or crouching.

The player will lose a life in the following situations: In the late half of the 1990s, a new terrorist group has made its move throughout the world, able to conduct its activities while overwhelming official investigations by government law agencies.

Composed of three elite paramilitary warriors scouted for their aptitude in urban combat, Kart Bradfield, Edie Burret, and Jad the Taff, only the DEF may be able to foil the terrorist's leader, Red Suit, and his plans to destroy global society and reign in his own new world order.

An enhanced port titled Elevator Action Returns S-Tribute was released for Windows via Steam, Nintendo Switch, PlayStation 4, and Xbox One on December 1, 2022.

[5] The enhancements include modern features such as Rewind, Slow Mode, Quick Save/Load, Unlimited Credits, Stage Select, Increased Healing, more lives, and more.

[7] Next Generation reviewed the arcade version of the game, rating it three stars out of five, and stated that "Elevator Action 2 brings out the impulsive, frenzied, shooting psychopath in you, and in that, it's fun.

[8] A 1997 import review by GameSpot gave it a score of 5.2/10, opining: "Elevator Action Returns is not a bad game, per se.

Jones especially applauded its "superb visual style": "The many buildings that your agents explored were little more than derelict dumps that dripped with decay and graffiti; while your opponents looked like they'd just jumped from the frames of a 2000AD comic strip.

Bodies erupted in showers of blood, torched enemies writhed about in agony; the incredible animation simply elevated (sorry) the on-screen chaos to a beautiful ballet of mayhem that would have made John Woo proud.

[13] Retro Gamer included it on their list of ten essential Saturn imports: "It's a wonderfully slick run-and-gun with gritty looking visuals, well-animated enemies and plenty of variety in its stages, as well as an excellent co-op mode".