The Portable II, which was released in 1986 for a price of US $3499, was significantly improved compared to its predecessors. It featured an 8 MHz Intel 80286 processor and was smaller than the Compaq Portable. There were four models of the Compaq Portable II.

The basic model provided a 5.25" floppy drive and 256 KB of RAM. The second model added a second 5.25" floppy drive and was sold for $3599. The third model even had a 10 MB hard drive, a 5.25-inch floppy drive, and 640 KB of RAM for $4799. The deluxe model was equivalent to the third model but with a 20 MB hard drive for $4999.

The Compaq Portable II was especially lighter in weight. At just under 11 KG, it was a few kilograms lighter than its predecessors.