Rock Paper Shotgun has reviewed Moonlighter 2: The Endless Vault, praising it as a significant improvement over its 2018 predecessor. The sequel again casts players as Will, a dungeon-delving merchant who fights monsters by night and sells his loot by day, but refines the formula with layered systems built around multipliers in combat, inventory management and shopkeeping. The reviewer highlights how these interlocking mechanics make the "number go up" loop consistently satisfying without becoming overly punishing.

The review details how combat lets players choose between four weapons plus a gun and backpack, with unlockable perks adding variety without changing the core rhythm, while death carries only a mild penalty of halved treasure quality. A key addition is the bag-packing puzzle, where placing items strategically can double or destroy their value, complicated further by unique interactive effects across the game's three (or six, with variants) themed dungeons. Selling treasures at the best possible price and reinvesting profits into shop and village upgrades ties everything together, framed loosely by Will's quest to buy back his home.