The direct sequel to World Heroes, World Heroes 2 adds six new playable fighters (along with one new final boss) and an overhauled "Death Match" mode (changing the dual lifebar system to one large tug-of-war meter and adding a KO-recovery system similar to wrestling games). Other gameplay additions include taunts, throw reversals, and the ability to reflect projectiles. Much of the game assets, including the backgrounds, were later used in World Heroes 2 Jet.
Along with a release for the Neo Geo AES (on June 4, 1993), the game was ported to the PC Engine CD-ROM² (requiring the Arcade Card add-on) on June 1994 exclusively in Japan by Hudson Soft. It was also ported by Saurus to the Super Nintendo Entertainment System on July 1994 in Japan and on September 1994 in North America (published by TAKARA). It was also ported to the Neo Geo CD (complete with an arranged soundtrack) on April 14, 1995 exclusively in Japan. The original game was digitally re-released by D4 for the Wii (via Virtual Console) on January 10, 2013 and was also included in the 2008 World Heroes Anthology compilation for the PlayStation 2.
- Captain Kidd (based on the 17th-18th century pirate William Kidd)
- Erick (Norway, based on 10th-11th century viking Erik the Red)
- Shura (Thailand, based on 18th century folk hero Nai Khanomtom)
- Ryoko Izumo (Japan, based on modern-day judoka Ryoko Tamura)
- Mudman (Pacific Island, based on primitive spirit warriors and not an individual figure)
- Johnny Maximum (U.S.A., based on modern-day American-football quarterbacks and not an individual figure)
- Dio (based on the protagonist of the manga series Baoh, final boss, only playable in the SNES version with a cheat code)