IconEdit2 is a TrueColor Icon Editor for Windows 95/98/ME/NT4/2000/XP/2003. It supports ICO, ICL, NIL, EXE, DLL, GIF, TIFF, BMP, JPEG and PNG files for open/extract/convert to icons. It can save your work as 48x48, 32x32 or 16x16 ICO (TrueColor, 256-color or 16-color), as well as GIF, TIFF, BMP, JPEG or PNG files. Allows you to paint, undo/redo, search for icons in your files and capture screen areas. Image rotation, various adjustments and filters also available. Contains a library of sample icons.

IconEdit2 provides single-window, user-friendly interface. At the left there is a drawing area.
It allows user to draw icon image using different drawing tools.
At right there are tool buttons:
- Point tool
Allows user to draw points and freehand lines;
- Line tool
Allows user to draw straight lines.
- Ellipse tool
Allows user to draw ellipses - outlined or filled with current drawing color.
- Rectangle tool
Allows user to draw rectangles - outlined or filled with current drawing color.
- Spray tool
Allows user to draw soft-edged spots or wide lines with current drawing color.
- Fill tool
Allows user to fill uniform-colored areas, bounded by other colors, with current drawing color.
- Search tool
Allows user to search directories in your hard (or floppy, or CD, or network, or other) drive to find icons in *.ICO, *.EXE, *.DLL files, and also bitmaps in *.BMP, *.GIF, *.TIF, *.TIFF, *.JPG, *.JPEG, *.PNG files which are possible to convert to icons.
- Camera tool
Allows user to make snapshots of any screen area.
- Hand tool
Allows user to shift drawing in any direction.
- Color thermometer tool
Allows to select drawing color from the drawing itself.