The game was ported to the PlayStation 2 in October 2001, as part of a bundle to coincide with the launch of the GunCon 2 controller (G-Con 2 in Europe), with enhanced graphics.

The game utilizes the foot pedal system, just like Time Crisis, allowing players to hide from enemy fire.

The PlayStation 2 version features split-screen and System Link functionality, which requires two televisions, two consoles, two copies of the game, and an iLink cable.

agent Christy Ryan discovers that the company's CEO, Ernesto Diaz, plans to launch an experimental nuclear satellite into space and sell it to the highest bidder, and is using StarLine as a front.

Escaping to a safehouse with a suitcase of incriminating data, she quickly finds herself tracked down and captured by NeoDyne mercenaries, led by Jakov Kinisky, moments before V.S.S.E.

Locating the train, Keith and Robert board and attempt to destroy it, but are thwarted by NeoDyne forces led by Buff Bryant, who manages to extract the satellite by helicopter but dies battling the agents.

Surviving the subsequent derailment, the agents hijack a mercenary helicopter and make their way to NeoDyne's remote oceanic spaceport, encountering further resistance led by Wild Dog - a former crimeboss thought killed in a previous V.S.S.E.

After rescuing Christy, Keith and Robert focus on Diaz, who initiates the launch sequence before activating the defense system of a prototype satellite to engage them.

With precious few seconds on the clock, Keith and Robert destroy the prototype and shoot Diaz in the chest, sending him falling to his death.

[21] Metacritic, which assigns a normalised rating in the 0–100 range, calculated an average score of 81 out of 100 ("Favorable") for the PlayStation 2 version, based on reviews from 21 professional critics.

[12] the PlayStation 2 version of Time Crisis II was a nominee for The Electric Playground's 2001 Blister Awards for "Best Console Shooter Game", but lost to Halo: Combat Evolved.