Allegretto, E major, 2/4 time

While adopting an ABA'B' form, it is sometimes referred to as 'sonata form without development' due to the B section being presented in the dominant key and recapitulated in the tonic key. Indeed, Schubert employs the tonal principle of tension-release in this slow movement, where the B section, presented in the dominant key, returns in the tonic key. On the other hand, the compositional style in the B section clearly differs from that of a sonata form movement, as various themes are presented and modulations are repeated.

The A section, which begins with a melody featuring the dactylic (long-short-short) rhythm favored by Schubert, is in lyrical E major and consists of a first half where an 8-measure phrase is repeated, and a second half where a 5-measure melody is repeated. Sixteenth notes are consistently used in the inner voice throughout the A section, but a chord appearing suddenly at forte (m. 30) interrupts the flow of sixteenth notes, ushering in a new formal section (the B section). After a B major phrase beginning with this chord is presented twice, a G-sharp minor section follows (m. 38). That this section is thematically derived from the A section can be understood not only from the use of sixteenth-note accompaniment but also from the melody employing dactyls. After measures 30-48 are repeated in different keys, a new section appears in B major at measure 66. In this section, new motivic material is used in both the left-hand melody and the right-hand accompaniment with triplets. At measure 82, the inner voice takes over the triplets, and a melody originating from the A section, beginning with dactyls, is played dolce. Then, at measure 97, the chordal figure that announced the beginning of the B section returns, and the B section further develops, now with triplets as its main axis.

At measure 135, the A section is recapitulated, and the opening melody is varied by doubling the right hand in octaves. The return of the B section occurs in the tonic key (m. 160). After a series of modulations similar to the first B section, the movement concludes with the return of the dolce theme from measure 82 in E major.

In this movement, the expansion of the movement's scale occurs due to the incorporation of various materials into the B section, and in this sense, stylistic characteristics typical of Schubert's later years can be fully observed.