Valkyrie Profile 2: Silmeria is the second installment of the Valkyrie Profile series. Taking place hundreds of years before the original game, the story revolves around two characters living the same body, named Silmeria and Alicia. Together, the two characters work to stop a catastrophe that could cause war between the people and the gods. The game received generally positive reviews, citing its similarity to the original Valkyrie Profile game and its beautiful graphics, but had a convoluted interface and a high degree of difficulty. The game went on to be re-released as a Square Enix "Ultimate Release".

Its plot is independent of and not directly related to the first Valkyrie Profile and takes place hundreds of years before the first game. Valkyrie Profile 2: Silmeria is about two characters, Silmeria and Alicia, who are contained in the same body. Silmeria is one of the valkyries tasked with collecting the souls of brave warriors and delivering them to Valhalla. After she disobeyed Odin, he reincarnated her in the body of Alicia, the princess of Dipan. Silmeria was supposed to remain trapped, but she awakens in the body of the princess, which makes many people think that Alicia is insane or possessed. The king imprisons her and announces her death, but unbeknownst to the public he sends her to live in a small palace outside the city of Crell Monferaigne. In the pre-game prologue, Odin sends the current valkyrie, Hrist, to take Silmeria's soul back to Valhalla. Escaping from Hrist, Alicia/Silmeria flees into the wilderness, where they try to evade capture and attempt to avert a catastrophe that could spark a war between the gods and Midgard.