Fullmetal Alchemist 2: Curse of the Crimson Elixir is the third Fullmetal Alchemist video game for the PlayStation 2 and is the second Fullmetal Alchemist console role-playing game for the PlayStation 2. It is the prequel of sorts to Fullmetal Alchemist and the Broken Angel. The game has much improved visuals than the previous title, as well as all dialog being voiced over. To help boost sales, Square Enix decided to release the game with a bonus DVD in the United States containing the second and third episodes of Season 2 (episodes 27 Teacher and 28 One is all, All is One") of the 2003 anime series, since the show took a 4 month break in its Adult Swim broadcast. This DVD contains only English audio, with the shortened version of the 2nd OP "READY STEADY GO" by L'Arc~en~Ciel and the shortened 3rd ED "Motherland" by Crystal Kay, since that is the version that was to be shown in the Adult Swim broadcast. As of August 31, 2005, the game has sold 160 thousand units in Japan.

Loosely based around the events of the first few episodes of the anime (with some plot elements borrowed from the manga), Edward and Alphonse learn of a frightening phenomenon sweeping Amestris; people in many regions are vanishing without a trace, supposedly spirited away by "monsters". In Resembool, Edward and Alphonse meet an enigmatic alchemist named Jack Crowley and an entity called the Phantom. It seems that they have some connection with both the disappearances and the strange creatures (known as Golems) appearing around the countryside. When sends the brothers and to investigate a village plagued by these monsters, they meet Arlen Glostner, an archaeologist who is studying the ancient civilization of Lebis. Edward and Alphonse soon find themselves headed for the ruins of Siam-Sid, the capital city of Lebis, to discover the truth behind the Golems and the puzzling disappearances.