The Industrial Revolution, which began in mid-18th century Britain, and the French Revolution, which erupted in 1789, enriched people's lives and simultaneously brought prosperity to the music culture and industry. The piano, in particular, underwent intense improvements driven by technological innovation, becoming significantly more robust and capable of producing a louder sound than before. The piano concerto became an indispensable genre for pianists to skillfully master the continuously evolving piano and establish their careers as virtuosos. Leading 19th-century pianists such as Chopin, Schumann, and Liszt all composed piano concertos and performed them as soloists.

Liszt, who was active primarily in Parisian high society and captivated the world as a child prodigy, composed 14 works for piano and orchestra. These works share the common characteristic that Liszt ultimately structured them into a single movement.

Piano Concerto No. 2 was composed in 1839 and, like No. 1, underwent revisions in 1849–50 and 1853. After its premiere on January 7, 1857, under the composer's baton, further revisions were made, and it was published posthumously in 1863 by Schott in Mainz. It was dedicated to his pupil H. von Bronsart, who served as the soloist at the premiere.

The work as a whole can be considered to have a six-part structure: Slow (Adagio sostenuto assai) – Fast (Allegro agitato assai: from m. 111) – Slow (Allegro moderato: from m. 213) – Fast (Allegro deciso: from m. 290) – Fast (Marziale, un poco meno Allegro: from m. 421), followed by a Coda (Allegro animato: from m. 513). Furthermore, similar to Piano Concerto No. 1, beyond its brilliant virtuosity, Liszt employs a unique technique in this work of transforming the character of themes by varying their tempo, rhythm, and articulation. The frequent reappearance of these transformed themes throughout the work contributes to its sense of unity.