The Flying V2 was introduced in mid-1979, taking pride of place on the cover of the June '79 price list, and then appearing in the 1980 Gibson catalog; the first Flying V in a price list since 1968, and the first in a catalog since its inception in 1958.

The V2s construction was interesting: body and necks were five-ply walnut and maple, either w/m/w/m/w or m/w/m/w/m; initially the guitar was walnut-topped with a maple-topped version following in mid-1980. This was or course very different to the older V models that had initially been korina, but more often mahogany.

This was a very fine guitar, as its launch price testifies. It was Gibsons second most expensive solid body; the active Les Paul Artist was initially $100 more, but by 1980 both were the same price: $1299. It was very definitely a 'high-end' instrument, and in keeping with this position, it was rather finely appointed: gold hardware, an ebony fingerboard and a mother-of-pearl inlaid logo. Towards the end of 1980, two new features were added to the V2 (and many other Gibsons): "Posi-Lok" strap buttons and a machine head "Crank" button.