The LM314V21 Victory 2 Gundam (aka Victory 2, V2) is the successor of the LM312V04 Victory Gundam featured in Mobile Suit Victory Gundam. Its development involves Myra Miggelle, wife of Hangerg Ewin, one of the founding members of League Militaire. It is piloted by Üso Ewin.

Developed from the LM312V04 Victory Gundam, the Victory 2 (V2) Gundam was the newest Gundam produced by the League Militaire as their new symbol, replacing the older Victory Gundam. Nevertheless it shared many similarities with its predecessor, most notably the Core Block System, in which the V2's body is consisted of a Core Fighter (also known as V2 Core Fighter) attached to the suit's upper and lower body. This allowed damaged parts to be quickly and easily swapped out in the middle of battle. The V2 Core Fighter can also combined only with the upper body (also known as V2 Top Limb, or "Hanger" as it was informally known) or the lower body (also known as V2 Bottom Limb or "Boots") to form the V2 Top Fighter and the V2 Bottom Fighter respectively.

Its armaments were mostly identical to the original Victory as well, although most of its systems were upgraded to better combat the newer mobile weapons being produced by the Zanscare Empire. Like its two predecessors, the V2 could also be outfitted with a variety of equipment to adapt to different mission roles. These upgrades typically saw the V2 outfitted with additional armor or extra weapons (or both).

The most important upgrade, however, was the Minovsky Drive System, which was derived from the Victory Gundam's Minovsky Flight System and provided the unit with unparalleled power and maneuverability. This system allowed the V2 to fly in space without the use of conventional rocket thrusters (though some were still incorporated for maneuvering) and achieve incredible speeds. If used on Earth, the Minovsky Drive allowed the V2 to hover in mid-air without additional support, a significant advantage over the beam rotor technology used by Zanscare's mobile suits.

The Minovsky Drive can also be used for both offensive and defensive purposes, sometimes simultaneously. The system's high-energy exhaust plumes manifested as a giant pair of wings ("Wings of Light"), which could be used as either gigantic beam sabers or as massive beam shields to shield both the Gundam itself and other targets. The defensive ability of the Wings of Light is nigh-unbreakable, if not absolute: not even the ZMT-S29S Zanneck's beam cannon, which could hit targets on Earth from high in the atmosphere, could penetrate them.