All three versions of the game were simultaneously released in March 2006 in Europe and Australia and published by Empire Interactive.

[2][3][4] Major criticisms include the large amount of obscure and "filler" titles, all of which are from the Japanese Taito Memories collections in which they are little known in the U.S. (with GameSpot quoting: "There's really nothing legendary about most of the old arcade games found in Taito Legends 2"),[7] as well as unresponsive, "flipped", and clunky controls.

Kristan Reed of Eurogamer wrote a more positive response: "It's all but impossible to make an objective assessment that takes into account everyone's hugely varying tastes.

What's definitely unarguable, though, that this particular package has much better presentation than the last one, with all games sorted into chronological order (a small but valuable point), and various useful options that make the experience far better than most retro collections".

[5] Some reviewers also compared Taito Legends 2 unfavorably with the Sega Genesis Collection, writing the aforementioned Genesis Collection as superior,[18] and was also criticized for its lack of bonus content (asides from instructions panels that can be viewed in the main menu and during gameplay).