An updated version of the game titled Street Fighter EX2 Plus was released in 1999 in arcades as well and subsequently ported to the PlayStation the same year.

Recurring Street Fighter characters Ryu, Ken, Chun-Li, Zangief, and Guile, all of whom were in the original Street Fighter EX, return in EX2, along with original characters Hokuto, Doctrine Dark, Skullomania, and Cracker Jack.

Dhalsim, who was in Street Fighter EX Plus α, also returns along with four additional characters new to the EX series: Blanka and Vega from Street Fighter II, along with new characters Sharon (a redheaded female special agent) and Hayate (a Japanese swordsman).

Allen Snider, Blair Dame, Darun Mister, Pullum Purna and M. Bison were omitted from the original version of Street Fighter EX2, although Darun, Pullum and M. Bison would later return in Street Fighter EX2 Plus, while Allen and Blair would be featured in an unrelated 1998 Arika-developed arcade fighting game, Fighting Layer.

Like the previous game, the music was written by former Namco composers Takayuki Aihara, Shinji Hosoe, and Ayako Saso.

[9] GameSpot praised the new characters and the graphics, but complained about the static ending sequences, as well as the lack of originality or new features.

[citation needed] PSX Extreme stated that "When I take a look at SNK's cheap and blurry Fatal Fury: Wild Ambition and compare it to Capcom's Street Fighter EX 2 Plus, I see garbage and then I see one of the most polished looking fighting games to date, and obviously I am talking about EX2."