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The A330-200 is a shortened, longer-range variant, which entered service in 1998 with Korean Air. Typical range with 253 passengers in a three-class configuration is 13,400 km (7,240 nmi; 8,330 mi). The A330-200 is ten fuselage frames shorter than the original -300, with a length of 58.82 m (193 ft 0 in). To compensate for the smaller moment arm of the shorter fuselage, the vertical stabiliser height of the -200 was increased by 104 cm (40.9 in). The -200's wing was also modified; structural strengthening of the wing allowed the maximum takeoff weight of the -200 to be increased to 229.8 tonnes (507,000 lb). The -200 is offered with three engine types similar to those found on the -300, namely the General Electric CF6-80E, Pratt & Whitney PW4000, or Rolls-Royce Trent 700. Airbus also boosted fuel capacity to 139,100 L (36,700 US gal) by adding the centre section fuel tank, standard in the A340.

A new vertical stabiliser was introduced in 2004 beginning with MSN 555. This newer fin is shorter in height by 50 cm (20 in)and was derived from the design of the vertical stabiliser of the A340-500 and -600, later becoming standard on all new A330-200s.

In 2008, Airbus released plans for a higher gross weight version of the A330-200 to more effectively compete against the Boeing 787 Dreamliner. The new-build A330-200HGW had a 5 tonne increase in Maximum Takeoff Weight, allowing a 560 kilometres (302 nmi; 348 mi) range increase and a 3.4 tonnes (7,500 lb) payload increase. Korean Air became the first customer on 27 February 2009 with an order for six -200HGWs. Deliveries of the first aircraft started in 2010.

In mid-2012, Airbus proposed another version of the -200 with the maximum gross weight increased by 2 t to 240 t. This version had its range extended by 270 nmi and carried 2.5 t more payload. It saw engine and aerodynamic improvements reducing its fuel burn by about 2%. In November 2012, it was announced that the gross weight was to be further increased to 242 t with the range extended by 350 nmi (650 km; 400 mi) over the 238 t version. It was certified by the EASA on 8 September 2015.

As of December 2020, 661 of the -200 had been ordered, 645 of which had been delivered, with 600 aircraft in operation. The 2018 list price is $238.5 million. The -200 competes with the Boeing 767-300ER and to a lesser extent the 767-400ER as well as with the new 787 Dreamliner. In 1998, a newly delivered A330-200 was valued $94 million, rose over $100 million in 2005 but lowered at almost $75 million in 2019 as the market favours the -300 and the A330neo.