Reiji Arisu: A main protagonist, who, in the sequel, sets to avenge his dead father by taking part of the fight with Shinra and Ouma. He is partnered once again with Xiaomu, who still has her flirtatious nature and protective side for Reiji. Reiji carries two cases of swords: each with a Fire and Water element, and now an upgraded handgun to his left hand. He is now voiced in Japanese by Yuki Masuda, while Johnny Yong Bosch voices him in the English version.
Xiaomu: Fellow protagonist, alongside Reiji. She is a "mystic fox" with an age of 765 years. After the events of the previous installment, her appearance has changed a bit (with one eye being closed with a scar, as well as her height being a bit taller), so much to her personality, which still did not change. She wields an ice elemental claymore (now upgraded from the original cane sword from the previous game) styled after Devil May Cry 3's own Cerberus. Xiaomu uses no firearms in the game, as she relies strongly on her energy rays in the arsenal. Now voiced in Japanese by Hitomi Yoshida, and Laura Bailey in the English version.
Daemon: The main antagonist, replacing Saya from the previous game. He is the main target of the Arisu clan, as he holds many ties to them. He has a rather cold, but emotionless personality: seeming not to care at all for the safety of everybody, but himself. He is also calm in spirit, and never shoots a smile or is angered. He is voiced in Japanese by Daisuke Ono, and Tony Oliver in the English version.
Shinra Xiaomu: A more calmer, slightly smarter version of the original (a clone, in fact). Daemon created it so during the final battle, Xiaomu has to fight her Shinra clone, and not alongside Reiji against Daemon, himself. The clone is rather quiet, but can be a bit of a crybaby when not getting its own way. Shinra Xiaomu is voiced in Japanese by Ayumi Fujiwara, and Maxey Whitehead in the english version.
Devil Kazuya: A Devil form of Kazuya. A Clone created by Daemon. He struggles both Kazuya and Xiaoyu. Devil Kazuya was voiced in Japanese by Masanori Shinohara, and Jordan Bryne in the english version.
- Kazuya Mishima (Tekken 1) - Voiced by: Masanori Shinohara (Japanese), Jordan Bryne (English); appearance from Tekken 6.
- Nina Williams (Tekken 1) - Voiced by: Yu Kobrayashi (Japanese), Mary Elizabeth McGlynn (English); apperance from Tekken 6.
- Jin Kazama (Tekken 3) - Voiced by: Isshin Chiba (Japanese), Brad Swaile (English); apperance from Tekken 6 & Street Fighter X Tekken
- Ling Xiaoyu (Tekken 3) - Voiced by: Maaya Sakamoto (Japanese), Carrie Savage (English); apperance from Tekken 6.
- Taizo Hori (Dig-Dug) - Voiced by: Jun Fukuyama (Japanese), Vic Mignogna (English); appearance from Namco x Capcom.
- Sabine (The Legend of Valkyrie) - Voiced by: Ayako Kawasumi (Japanese), Kate Higgins (English)
- Heihachi Mishima (Tekken) - Voiced by: Masashi Ebara (Japanese), Crispin Freeman (English)
- KOS-MOS (Xenosaga) - Voiced by: Mariko Suzuki (Japanese), Colleen O'Shaughnessy (English)
- Shion Uzuki (Xenosaga) - Voiced by: Ai Maeda (Japanese), Stephanie Sheh (English)
- MOMO (Xenosaga) - Voiced by: Rumi Shisido (Japanese), Wendee Lee (English)
- Akemi Nakajima (Digital Devil Story: Megami Tensei) - Voiced by: Hidekazu Ichinose (Japanese), Ethan Murray (English)
- Spawn (Spawn) - Voiced by: Kunihiko Yasui (Japanese), Kirk Thornton (English)
- Wonder Momo (Wonder Momo) - Voiced by: Ayumi Tsuji (Japanese), Janice Kawaye (English)
- Bravoman (Bravoman) - Voiced by: Kenichi Suzumura (Japanese), Keith Silverstein (English)
- Mitsurugi (Soul Edge) - Voiced by: Toshiyuki Morikawa (Japanese), Steven Blum (English)
- Taki (Soul Edge) - Voiced by: Sachiko Kojima (Japanese), Megan Hollingshead (English)
- Siegfried (Soul Edge) - Voiced by: Nobuyuki Hiyama (Japanese), Roger Craig Smith (English)
- Kurino (The Legend of Valkyrie: Legend of the Time Key) - Voiced by: Yuji Ueda (Japanese), Spike Spencer (English)
- Klonoa (Klonoa: Door to Phantomile) - Voiced by: Yukari Kokubun (Japanese), Colleen O'Shaughnessy (English)
- Guntz (Klonoa 2: Dream Champ Tournament) - Voiced by: Takahiro Sakurai (Japanese), Derek Stephen Prince (English)
- Gilgamesh (The Tower of Druaga) - Voiced by: Akira Ishida (Japanese), Liam O'Brien (English)
- Taira no Kagekiyo (The Genji and the Heike Clans) - Voiced by: Ryotaro Okiayu (Japanese), Steve Kramer (English)
- Tarosuke (Shadow Land) - Voiced by: Fujiko Takimoto (Japanese), Mela Lee (English)
- Ryu (Street Fighter) - Voiced by: Hiroki Takahashi (Japanese), Kyle Hebert (English)
- Ken (Street Fighter) - Voiced by: Yuji Kishi (Japanese), Reubon Langdon (English)
- Arthur (Ghosts 'n Goblins) - Voiced by: Fumihiko Tachiki (Japanese), Skip Stellrecht (English)
- Chris Redfield (Resident Evil) - Voiced by: Nobutoshi Canna (Japanese), Roger Craig Smith (English)
- Chun-Li (Street Fighter II) - Voiced by: Fumiko Orikasa (Japanese), Laura Bailey (English)
- Morrigan Aensland (Darkstalkers) - Voiced by: Masae Yumi (Japanese), Erin Fitzgerald (English)
- Felicia (Darkstalkers) - Voiced by: Kae Araki (Japanese), Melissa Fahn (English)
- Fong Ling (Resident Evil: Dead Aim) - Voiced by: Yuuna Inamura (Japanese), Michelle Ruff (English)
- Bruce McGivern (Resident Evil: Dead Aim) - Voiced by: Hiroaki Hirata (Japanese), Benjamin Diskin (English)
- Captain Commando (Captain Commando) - Voiced by: Ryotaro Okiayu (Japanese), Wally Wingert (English)
- Sakura Kasugano (Street Fighter Alpha 2) - Voiced by: Misato Fukusen (Japanese), Brittney Harvey (English)
- Strider Hyru (Strider) - Voiced by: Kousuke Toriumi (Japanese), Bryce Papenbrook (English)
- X (Megaman X) - Voiced by: Takashi Kondo (Japanese), Brian Beacock (English)
- Zero (Megaman X) - Voiced by: Ryotaro Okiayu (Japanese), Dave Wittenberg (English)
- Axl (Megaman X7) - Voiced by: Daisuke Nakamura (Japanese), Jeffrey Watson (English)
- Demitri Maximoff (Darkstalkers) - Voiced by: Nobuyuki Hiyama (Japanese), Richard Epcar (English)
- Hideo Shimazu (Rival Schools: United by Fate) - Voiced by: Tetsuo Mizutori (Japanese), Dave Mallow (English)
- Batsu Ichimonji (Rival Schools: United by Fate) - Voiced by: Nobuyuki Hiyama (Japanese), Peter Von Gomm (English)
- Karin Kanzuki (Street Fighter Alpha 3) - Voiced by: Asuka Okame (Japanese), Kari Wahlgren (English)
- Ibuki (Street Fighter III) - Voiced by: Ayumi Fujiwara (Japanese), Stephanie Sheh (English)
Mimics the previous game in every way, but with better quality and easier ways to execute attacks on your enemies. There are also anime-styled cutscenes in between games, upon which the characters are desinged by Yoshiyuki Ito.
- The opening theme used is The GazettE's "Shiver". Coincidentally, this is also used for the first opening theme of Kuroshitsuji II.
- Since the game allows you to switch between English and Japanese voices, it is noted that the game should be released outside of Japan.