Stupa No. 2 stands partway down the hill from the main complex, reached by a path that continues west from the Great Stupa. Slightly smaller than Stupa No. 1, it lacks the carved gateways but compensates with an elaborate carved stone balustrade (vedika) running around its base. The medallions on the balustrade depict half-human, half-animal figures, floral patterns, elephants, and riders — an exuberant and less decorous visual world than the more formally composed scenes on the Great Stupa's gateways.
The stupa was built in the 2nd century BC and is one of the oldest stupas at Sanchi. Its relic caskets, now in the Victoria and Albert Museum in London, contained the remains of Buddhist monks who lived and taught in the Deccan region. The site itself has been partially restored, with the balustrade rebuilt using pieces recovered from the rubble.