The Last Blade 2 was originally released in Japan as an arcade fighting game titled Bakumatsu Rouman Dainimaku: Gekka no Kenshi - Tsuki ni Saku Hana, Chiri Yuku Hana(幕末浪漫第二幕 月華の剣士 ～月に咲く華、散りゆく花～?) on November 25, 1998. It was developed by SNK and is the sequel to The Last Blade.
Gameplay elements remain the same as its predecessor with some minor adjustments. An "EX" mode was added to play, which is a combination of "Speed" and "Power." The mood is grimmer than its predecessor through the introduction to the game. The characters are colored slightly darker, and the game's cut-scenes are made longer to emphasize the importance of the plot. Characters are no longer equal, hosting greater differences of strengths and weaknesses than before.
The game is set one year after the events of the first game. Long before humanity existed, death was an unknown, equally distant concept. When death first came to the world, the "Messenger from Afar" was born. With time, the Sealing Rite was held to seal Death behind Hell's Gate. At that time, two worlds, one near and one far, were born, beginning the history of life and death. Half a year has passed since Suzaku's madness, and the underworld is still linked by a great portal. Our world has been called upon. Legends of long ago told of the sealing of the boundary between the two worlds. The Sealing Rite would be necessary to hold back the spirits of that far away world.
The game has several home console versions, including Neo Geo AES and Neo Geo CD versions, a Dreamcast port, and a Neo Geo Pocket Color conversion entitled The Last Blade - Beyond the Destiny(幕末浪漫特別編 月華の剣士 ～月に咲く華、散りゆく花～,Bakumatsu Roman Tokubetsu: Gekka no Kenshi - Tsuki ni Saku Hana, Chiri Yuku Hana?, “Romance of the Bakumatsu Special: Swordsman of the Moonlight - On the Moon a Flower Blooming, a Petal Falling”). A Neo Geo Pocket Color conversion of The Last Blade 2 was released in Japan on March 13, 2000. The Neo Geo CD version includes an extra quiz mode, voiced cutscenes, and a gallery section from both titles. Most of these features and the Neo Geo additions were combined for the Dreamcast port titled Last Blade 2: Heart of the Samurai, released in 2001. The Neo Geo CD and Dreamcast versions exclusively had the character named Musashi Akatsuki. The Last Blade 2 was included in The Last Blade 1&2 compilation for PlayStation 2 (released only in Japan), both games are perfect arcades ports.