A follow-up compilation, The Lost Tapes 2, was originally intended to be released on December 16, 2003, and include unreleased recordings, remixes, and freestyle tracks.

[6] However, its release was further delayed by Def Jam, whom Nas accused of mishandling the project and its budget in a personal e-mail sent to label executives.

[7] Reports of the project's delay incited fans to create an online petition in December asking for Def Jam to release the album.

[8] After losing time to the project's delay, Nas began recording for a new studio album and put plans for The Lost Tapes 2 on hold.

[14] Roisin O'Connor of The Independent concluded that The Lost Tapes 2 "sounds like an artist rediscovering his love for hip hop in the most joyous and satisfying way", naming the songs produced by Kanye West, Swizz Beatz and RZA as the standout tracks.