RIPv2 is an enhancement of RIPv1 that supports VLSM, CIDR, and sends subnet masks and next hop addresses in routing updates. It is a classless distance vector routing protocol. The document discusses RIPv1 limitations like not supporting VLSM or CIDR, and describes configuring and verifying RIPv2. It also covers topics like disabling auto-summary and using RIPv2 in networks using VLSM and CIDR addressing.