Iron Man / Anthony "Tony" Stark (Robert Downey Jr.) is the son of industrialist Howard Stark and the CEO of Stark Industries since his father's death. Tony has been a genius inventor since childhood and has a reputation as a risk-taking playboy as an adult. One of the basic ideas behind the portrayal of the role is that of a "modern day Howard Hughes". In the movie Iron Man, Tony was attacked and seriously injured by terrorists following a weapons presentation in Afghanistan. To save his life, an electromagnet was implanted in his chest. Tony then replaced the magnet with a miniature version of the arc reactor he developed. After his escape, he retired from the armor business and developed a high-tech armor powered by the reactor in his chest. The media gave the armored superhero the name "Iron Man" (German: "Eisenmann"), and at a press conference Tony confessed to the public that he was Iron Man himself. In Iron Man 2, however, Tony must realize that palladium, one of the main components of the arc reactor, is slowly poisoning his blood. Certain he won't live much longer, he becomes increasingly self-destructive and even puts his personal assistant, "Pepper" Potts, in charge of Stark Industries. Meanwhile, he refuses to give the technology underlying his Iron Man armor to the military in the face of the U.S. Senate. Eventually, however, Tony manages to synthesize a new element that is an effective replacement for palladium, putting an end to Tony's health problems.
Three new armors of Iron Man can be seen in the film: "Mark IV" is the armor with which Tony ends up at the "Stark Expo" and which he later wears at his birthday party, "Mark V" is a special armor for emergency purposes that can be transformed into a large "briefcase" for transport purposes and is used in the fight against Ivan Vanko in Monaco, and "Mark VI" is the armor that Tony develops at the end of the film and uses for the fight against the "Hammer Drones" and Vanko. While the "Mark IV" armor is barely different from its predecessor, "Mark III" from Iron Man, the "Mark V" armor is painted in red and silver hues. In turn, the biggest change to the "Mark VI" armor is the triangular shape of the repulsor transmitter on the chest, highlighting the change from the round, palladium-based core of the arc reactor to the new, triangular core made of the newly discovered element. The "Mark I", "Mark II", and "Mark III" armors from Iron Man are also seen in Tony's workshop in the film, and James Rhodes eventually gives the "Mark II" armor to the U.S. military, who has it refitted.
Ivan Vanko / "Whiplash" (Mickey Rourke) is the son of the Russian scientist Anton Vanko, who once developed the arc reactor together with Tony's father Howard. However, since Anton, who had fled the Soviet Union for the United States, had pursued his own financial interests, Howard reported him to the authorities, who deported him again. The Soviet leadership then had Anton deported to Siberia, where his son Ivan was eventually born. Ivan became a physicist himself, but after selling nuclear secrets to Pakistan, he too ended up in prison. After his father's death, Ivan discovers the plans of the original arc reactor in his father's estate. He immediately begins building his own scaled-down version and also develops two plasma whips powered by the reactor. He uses the whips to attack Tony Stark in Monaco, but loses after a brief battle. Tony's rival Justin Hammer frees Vanko from prison so he can improve the armor Hammer developed. Vanko turns the armor into drones, but he controls them remotely and causes them to attack Tony and the audience at the official presentation. After Tony and Rhodes defeat the drones, Ivan confronts them in armor of his own, including enhanced plasma whips. However, with combined forces, the two manage to defeat Ivan and incapacitate his armor, whereupon he activates a self-destruct mechanism that causes the armor to explode.
Lt. Col. James "Rhodey" Rhodes (Don Cheadle) is in the service of the US Air Force and is a personal friend of Tony Stark. In Iron Man 2, he must mediate between Tony and his superiors, who would like Tony to donate the technology underlying his armor to the military. When Tony drunkenly endangers party guests in his armor at his birthday party, Rhodes dons Tony's old "Mark II" armor to talk some sense into his friend. He then takes the armor and gives it to the military, who has it refitted. However, when he presents the armor at the Stark Expo, Vanko takes control of it and forces Rhodes to fight Tony until S.H.I.E.L.D. agent Natasha Romanoff manages to reboot the armor's systems. Rhodes then helps Tony fight Vanko.
Virginia "Pepper" Potts (Gwyneth Paltrow) is Tony Stark's personal assistant and closest confidante. In Iron Man 2, Tony appoints her as the new CEO of Stark Industries. While Pepper tries to run the corporation, Tony angers her with his increasingly self-destructive behavior. After he saves her from an exploding "hammer drone" as Iron Man and she learns that Tony nearly died of palladium poisoning, she resigns as CEO, which results in a kiss between her and Tony.
Justin Hammer (Sam Rockwell) is the head of Hammer Industries and thus Tony's direct competitor and personal rival. One of the basic ideas behind the character is that of a "second-rate Tony Stark". The relationship between the two is modeled on the relationship between Bugs Bunny (Stark) and Daffy Duck (Hammer). After Tony's retirement from the defense business, Hammer became the new main supplier to the US military. Hammer frees Vanko from prison to upgrade his armor. When he realizes he can't control Vanko, he tries to pressure Vanko. Instead, Vanko takes control of the drones at the Stark Expo presentation and gets them to attack Iron Man and the audience. While Iron Man fights the drones, S.H.I.E.L.D agent Natasha Romanoff elicits Hammer's confession that he is working with Vanko. Pepper Potts then informs the police, who arrest Hammer.
Natasha Romanoff (Scarlett Johansson) is an agent for the Secret Service S.H.I.E.L.D. who has been planted at Stark Industries under the alias Natalie Rushman to monitor Tony. At the beginning of the film, she works as a notary in the company's legal department until Tony appoints her as his new personal assistant. Pepper Potts is initially jealous of her as a result, and even suspects her of being responsible for Tony's increasingly self-destructive behavior. After Tony learns that Natasha works for S.H.I.E.L.D., he taunts her in Pepper's presence, but is surprised to find that she and Pepper are now on good terms. As Vanko sets the "Hammer drones" on Iron Man, Natasha elicits Justin Hammer's location from Vanko and heads to Hammer's factory with Tony's chauffeur and bodyguard, "Happy" Hogan. After overpowering the guards, she enters Vanko's lab and uses his computer to reboot the systems of Jim Rhodes' armor so he can help Tony fight the drones.
Jarvis (voice of Paul Bettany) is an artificial intelligence that controls all the systems in Tony Stark's home and workshop, and often speaks with a sarcastic undertone when interacting with Tony. Jarvis is also responsible for the development and control of Tony's Iron Man armor.
Howard Stark (John Slattery) is Tony's father, who died 20 years ago and was not only involved in the Manhattan Project, but was also one of the founding members of the secret service S.H.I.E.L.D.. In addition, he had once developed the original arc reactor with Ivan Vanko's father Anton. At the beginning of Iron Man 2, Howard is seen in a presentation film he had once shot for the Stark Expo of 1974. Later, Tony receives several reels of film from S.H.I.E.L.D., containing not only screen tests of the presentation film, but also a personal message to Tony. To Tony's great surprise, his father, whom he had known only as an aloof, callous man during his lifetime, proudly refers to his son as his "greatest creation" and asks him to complete his work. Eventually, Tony realizes that Howard had hidden in the model of the 1974 Expo site the blueprint for a new element that he had been unable to produce himself due to the comparatively limited technology of his own time. In addition to Howard Hughes, who was also one of Tony Stark's main inspirations, Howard Stark's appearance in the film is said to be reminiscent of Walt Disney.
Nick Fury (Samuel L. Jackson) is the director of the Secret Service, S.H.I.E.L.D. At the end of Iron Man, he visited Tony at his home and proposed that he become a member of a planned superhero team. In Iron Man 2, he seeks out Tony when he is suffering from a severe hangover the day after his birthday party and reveals to him that his new personal assistant, "Natalie Rushman", is actually working for S.H.I.E.L.D.. Fury places Stark under house arrest and instructs him to find a solution to his health problems. To help him, he gives Tony personal papers from Stark's father Howard, who was one of the founding members of S.H.I.E.L.D..
Phil Coulson (Clark Gregg) is also a S.H.I.E.L.D. agent and is assigned to monitor Tony's house arrest. Nevertheless, Tony manages to temporarily leave his mansion to visit Pepper Potts at Stark Industries' corporate headquarters, which Coulson doesn't realize until Tony returns. While Tony builds a "prism accelerator" in his workshop that will allow him to synthesize a new element, Coulson bids Tony farewell with the information that he has been assigned to a new mission in New Mexico. There, in a post-credits scene, he finally arrives at the site where Thor's hammer was found.
Senator Stern (Garry Shandling) is one of Tony's biggest critics and demands that Tony make the technology behind his Iron Man armor available to the US military. However, Tony manages to dismiss all of Stern's criticisms during his Senate hearing. At the end of the film, at Tony's request, Stern is persuaded by S.H.I.E.L.D. to personally award Rhodes and Tony a medal.
"Happy" Hogan (Jon Favreau) is a former boxer and Tony Stark's chauffeur and bodyguard. In Iron Man 2, he carries the "briefcase" that hides Tony's "Mark V" armor in Monaco and brings it to his employer when he is attacked by Ivan Vanko at the racetrack. Later, he and Natasha Romanoff infiltrate the Hammer Industries factory where they suspect Vanko is. While Happy, with a lot of effort, knocks a guard to the ground, Natasha manages to overpower the entire remaining guard force.