The PS2 is the best-selling console of all time, having reached over 150 million units sold as of January 31, 2011. This milestone was reached 10 years and 11 months after the system was released. The original life span for the console was set at 10 years, but according to Sony, its lifecycle will continue as long as developers continue to make new games for the system, and as long as the console and its games continue to sell.

PlayStation 2 software is distributed on CD-ROM (blue/purple polycarbonate) and DVD-ROM (clear polycarbonate with six "PlayStation" logos). In addition the console can play audio CDs and DVD movies, and is backward compatible with PlayStation games. The PS2 also supports PlayStation memory cards and controllers, although the memory cards only work with PS1 games and the controllers may not support all functions (such as analog buttons) for PS2 games.

The PS2 standard color is matte black. Several different variations in color have been produced in different quantities and regions, including ceramic white, light yellow, metallic blue (aqua), metallic silver, navy (star blue), opaque blue (astral blue), opaque black (midnight black), pearl white, Sakura purple, satin gold, satin silver, snow white, super red, transparent blue (ocean blue), and also Limited Edition color Pink, which was distributed in some regions such as Oceania, and parts of Asia.

The PlayStation 2's DualShock 2 controller is largely identical to the PlayStation's DualShock, with the same basic functionality; however, it includes analog pressure sensitivity on the face, shoulder and D-pad buttons, is lighter and includes two more levels of vibration. Unlike the PlayStation, which required the use of an official Sony PlayStation Mouse to play mouse-compatible games, the few PS2 games with mouse support work with a standard USB mouse as well as a USB Trackball.

Some games on the PlayStation 2 support online multiplayer gaming through the use of a broadband internet connection and a PlayStation 2 Network Adapter. This is integrated into the hardware on "slimline" models, and can be bought as an add-on for the original "fat" models. Some games also allow online gameplay using a Dial-Up connection (not available on all models), or LAN play by connecting two network adapters (or slimline consoles) together directly with an Ethernet cable or through the same router network.