Phase Two of the Codename: Panzers series is a real-time strategy game with three campaigns set during World War II. The campaigns follow the Axis movements in North Africa, the Allied counter-offensive in Italy, and post-war combat in Yugoslavia.

Following Phase One, this outing is once again a tactical game rather than a resource management one. Panzers has a full complement of experience gaining troops as well as a variety of armor, aircraft, and artillery which are fully destructible as are the buildings.

Phase Two contains three full single player campaigns and several multiplayer options playable via LAN, Internet, or GameSpy.