The 747-200 has more powerful engines, higher takeoff weights (MTOW), and range than the -100. A few early -200s retained the three-window configuration of the -100 on the upper deck, but most were built with a 10-window configuration on each side.

Several versions in addition to the -200 were produced. The 747-200B is an improved version of the 747-200, with increased fuel capacity and more powerful engines; it first entered service in February 1971. The -200B aircraft has a full load range of about 6,857 nmi (12,700 km). The 747-200F is the freighter version of the -200 model. It could be fitted with or without a side cargo door. It has a capacity of 105 tons (95.3 tonnes) and an MTOW of up to 833,000 lb (378,000 kg). It entered first service in 1972 with Lufthansa. The 747-200C Convertible is a version that can be converted between a passenger and a freighter or used in mixed configurations. The seats are removable, and the model has a nose cargo door.[119] The -200C could be fitted with an optional side cargo door on the main deck.

The 747-200M is a combination version that has a side cargo door on the main deck and can carry freight in the rear section of the main deck. A removable partition on the main deck separates the cargo area at the rear from the passengers at the front. This model can carry up to 238 passengers in a 3-class configuration if cargo is carried on the main deck. The model is also known as the 747-200 Combi.As on the -100, a stretched upper deck (SUD) modification was later offered. A total of 10 converted 747-200s were operated by KLM. UTA French Airlines also had two of these aircraft converted.

A total of 393 of the -200 versions had been built when production ended in 1991. Of these, 225 were 747-200s, 73 were 747-200F, 13 were 747-200C, 78 were 747-200M, and 4 were military. Many 747-200s are still in operation, although most large carriers have retired them from their fleets and sold them to smaller operators. Large carriers have sped up fleet retirement following the September 11th attacks and the subsequent drop in demand for air travel, scrapping some or turning others into freighters