When Street Fighter Alpha 2 was released in American and European arcades, it contained some extra versions of characters not present in the Japanese version, such as Evil Ryu. Japan then got an updated version of the game, called Street Fighter Zero 2 Alpha. This update contained even more extra character versions and some other minor changes, such as more costume colors and even a few new moves.

Guy has a new level 3 super combo move in this game, which has to be done next to his opponent. The command is half circle back twice followed by any punch button. He'll grab the opponent and do a large combo on them. Sodom's stage is now always the alternate version, which features different text on the truck, among other things. This version of the game would later be ported to the Playstation and SEGA Saturn, as part of Street Fighter Collection. It was retitled Street Fighter Alpha 2 Gold in America, and Street Fighter Alpha 2' in Europe. It would also be included as a bonus game on Street Fighter Alpha Anthology for the Playstation 2.