Predictably, the expectations that WEA (Warner/Elektra/Atlantic), Oldfield's new record label, placed on Tubular Bells II were not disappointed; released in 1992, it was a resounding sales success. It surpassed 1.5 million albums sold, a figure that was approaching 3.5 million copies by 2002. The album's release was accompanied by an extensive tour of Europe and North America, where he hadn't performed for some time. Furthermore, Warner executives placed the renowned producer Trevor Horn under Oldfield's direction. The Reading native had previously told the media that he planned to reissue Tubular Bells with ideas that hadn't been included on the first album. Oldfield thought it would be a good idea to release it with his new label, which in turn had promised the musician creative freedom and promotion for his album in North America, a market Virgin had been unable to penetrate.

The album cover was commissioned to Trevor Key, the same artist who designed the original; the result was a bell folded into three parts, very similar to the original, this time yellow, floating on a navy blue background that highlights the bell's shape.

Tubular Bells II essentially bears a strong resemblance to its predecessor, Tubular Bells. In fact, there are parts that are completely analogous between the two albums. That is, there is a piano sequence that introduces the first part, just like in the original; we also find a reflection of the fragment of the Piltdown Man or "caveman" that we can hear in the original. Furthermore, the sequence at the end of the first part is very similar, in which the "master of ceremonies" introduces the different instruments that appear after being mentioned —this time the role went to the prestigious British actor Alan Rickman—.

However, this album is not entirely identical to its predecessor, despite having the same structure. While the passages of the original tend to be dark and melancholic, those of Tubular Bells II are more cheerful and dynamic. Three singles were released from the album: "Sentinel", "Tattoo" and "The Bell". There are approximately six versions of the latter, each with a different MC announcing the instruments in various languages. Carlos Finaly, a radio host on Cadena 100, provided the Spanish vocals for this track.

The live presentation of Tubular Bells II took place on the esplanade in front of Edinburgh Castle (Scotland) —although, initially, such a presentation was planned to take place in the Alhambra of Granada. It reached number 1 in Spain, achieving five-times platinum status. It also reached number one in the United Kingdom, marking Oldfield's third time topping the charts in his home country. Furthermore, it ranked fifth on the 1992 New Age Albums chart.