As with the first volume, Vol. 1, Vol. 2 features re-recordings of earlier hits alongside the contemporary material. On Gord's Gold only the early songs that didn't match Lightfoot's 70s sound (and whose original masters were owned by Lightfoot's former label, United Artists) were re-recorded. However, on Vol. 2 all tracks, apart from "Make Way (For the Lady)," "Ghosts Of Cape Horn," Baby Step Back," and "It's Worth Believin'" were re-recorded. The album also contains the first appearance of "If It Should Please You," a previously unrecorded song that the band often performed in concert. Some tracks on Vol. 2 that had been released during the 1980s sound almost identical to their original recording. Additionally, the re-recorded tracks were recorded live in the studio.
"Ghosts of Cape Horn" and "It's Worth Believin'" did not appear on the vinyl release.