Four of the tracks on this album were released in the summer of 2004 as the EP Waiting for a Want on the iTunes music store.

Want Two is, according to Wainwright, the darker sibling of 2003's Want One – its subject matter concerned with "the world we live in" (RW Geffen Bio) after Want One's focus on the intensely personal.

The artist's song selections here show his range to be broad, veering from romantic ballad ("Peach Trees") to tragic ballad ("This Love Affair"), sophisticated pop ("The One You Love") to third person/first person narrative lament ("The Art Teacher"), personal tongue in cheek manifesto ("Gay Messiah"), to a classical pop hybrid written about Jeff Buckley ("Memphis Skyline") and songs beyond category.

Anohni of 2005 Mercury Prize winners Antony and the Johnsons sings lead vocal alongside Wainwright on "Old Whore's Diet".

The initial UK version of the record contains bonus live tracks, "Coeur de Parisienne – Reprise d'Arletty" and "Quand vous mourrez de nos amours" (written by French Canadian songwriter Gilles Vigneault).