Magic Knight Rayearth Volume 2 is the second volume in the Magic Knight Rayearth manga series.
The second volume starts with Hikaru thanking the stranger for saving them but Umi and Fuu are wary of trusting him since they don't know who he is. Fuu asks him his name and he reveals that he is called Ferio and that he is on his way to the Spring of Eterna to get some Escudo. Fuu uses her intelligence to convince Ferio to escort them to the exit of the forest using Mokona to guide the way. They reach the exit and are immediately attacked by Alcyone who greatly injures Umi. This causes Hikaru to explode in anger and attack Alcyone. Umi pushes past her injuries to help and pleads to Mokona for magic. Mokona then beams lights onto her and through that Clef grants her the ability of water. Umi then casts a spell to attack Alcyone which hits her directly causing Alcyone to flee where she is then killed by Zagato . Fuu taking notice that she is the only one without any magic also asks Clef for the power and heals Umi's wounds. Ferio and the Magic Knights then explain to each other who they are and what their intentions, Ferio then knows that they are the legendary Magic Knights here to save Cephiro . He explains that he was on his way to get Escudo so he could become a Magic Knight and save Princess Emeraude, he then leaves giving his thanks and kisses Fuu on the hand. The Magic Knights then travel to the Spring of Eterna where they battle illusions of their loved ones. They triumph with help from Princess Emeraude and get the Escudo they need which morphs their armor, Presea then arrives and forges the Magic Knights new weapons through an enchanting dance. She collapses due to exhaustion but insists she is okay, the girls thanks her and leave in a flying object created by Mokona which takes them to an underwater structure where Umi's Rune God awaits her. The 2nd volume ends with a new child disciple of Zagato's called Ascot appearing to kill the Magic Knights.
This volume corresponds with Anime episodes 3 to 10 and there are several differences in the Anime. Ferio is absence in the battle against Alcyone and the sorceress ambushes them in Eterna. In the manga Alcyone is killed by Zagato after failing but that doesn't happen in the anime, she instead lives on and tries multiple time to redeem herself. Presea dies after creating the Magic Knight's weapons unlike in the manga where she is only exhausted. There is then three new stories where each of the Magic Knights develop their sword's before their arrival to the Temple of the Sea.