Cheat Mode
Highlight the 'Options' selection at the main menu, hold A + B on controller two, and press any button on controller one. Additional options that allow level selection, new difficulty levels (Mania and Very Easy), and increasing number of lives up to nine will be displayed.
Submitted by Solid Snake. 

Two Players as the Same Character
Hold Down/Right + B on controller one and Left + A on controller two at the title screen. Press C on controller two while all buttons are held. Select two player mode and choose the same character. Note: Both characters will appear identical.
Submitted by Solid Snake. 

Two Players as the Same Character (European Version)
Hold Right + B on controller one and Left + A on controller two at the title screen. Press C on controller two while all buttons are held. Select two player mode and choose the same character. Note: Both characters will appear identical.
Submitted by Solid Snake. 

Bonus Life
Move to the left corner of level one and press Punch.
Submitted by Solid Snake. 

Go to: Streets of Rage 2 Info Page | nGaming Home Page.