Similarities to the FH-1 meant that McDonnell was able to complete the first F2H-1 in August 1948, a mere three months after the last FH-1 rolled off the assembly line.
Relative to the XF2D-1, the fuselage was extended about 12 inches forward of the wing  and fuel capacity was increased by 29 gallons to 877.
The empennage was slightly redesigned, reducing the size of the vertical tailplane fairing and eliminating dihedral from the horizontal stabilizers.
The wing- and tail-thickness ratio was also reduced to increase the critical Mach number.
The F2H-1 was retrofitted with 3,150 lbf (14 kN) thrust engines as they became available.

Although the Navy accepted the F2H-1, it was the more capable F2H-2 that was most widely used.
With newer Westinghouse J34-WE-34 3,250 lbf (14.5 kN) thrust engines, it had significantly improved performance.
The wings were modified and strengthened to add provisions for 200 gal (760 l) wingtip fuel tanks; unlike the contemporary USN F9F Panther, the Banshee's wingtip tanks were detachable.
Two armament pylons were added under each stub and outboard wing, for a total of eight, allowing the aircraft to carry a maximum stores load of 1,580 lb (454 kg), consisting of four 250 lb (113 kg) bombs and four 5-in (12.7 cm) unguided rockets.
The "kneeling" nose gear was omitted from the F2H-2 and most other subsequent Banshee variants.

The F2H-2 was the foundation for three minor variants of the Banshee.
The first, the F2H-2B, had strengthened wings and a strengthened inner pylon under the portside wing to allow the craft to carry a 1,650 lb (748 kg) Mark 7 nuclear bomb or a 3,230 lb (1,465 kg) Mark 8 nuclear bomb.
In order to compensate for the vastly increased load, the F2H-2B was fitted with stiffer landing gear struts and a pilot-switchable power booster for the ailerons; the latter was necessary so pilots could control a roll to the left with a heavy Mark 8 nuclear bomb fitted on the left-hand pylon.
One 20 mm cannon was omitted to make room for additional electronics to arm the nuclear weapon.

The F2H-2N was a night fighter variant outfitted with a 2 ft 10 in (0.86 m) longer nose that housed a Sperry Corporation AN/APS-19 radar unit.
The cannons were moved rearwards in the nose to make room for the radar.
One F2H-2N, BuNo 123311, was eventually returned to McDonnell to serve as the prototype for the enlarged and enhanced F2H-3 and F2H-4 series.
Several F2H-2Ns retained the "kneeling" nose feature of the earlier F2H-1.

The F2H-2P was a photo-reconnaissance version with six cameras housed in a 2 ft 5 in (0.74 m) longer nose; it was the first jet-powered reconnaissance aircraft used by the USN.
Remote controls allowed the pilot to rotate the cameras in the vertical and horizontal planes, and the aircraft could be fitted with a pair of underwing pods that each contained 20 flash cartridges for night photography.
The camera bay was electrically heated to prevent frost.
The F2H-2P was considered a valuable photo-reconnaissance asset due to its long maximum range for a jet aircraft, maximum operational altitude of 48,500 feet, combined with its speed that made it extremely difficult to intercept by other combat jet aircraft of the early 1950s era.

The F2H-3 was the last significant alteration.
The fuselage was extended by 8 ft 0 in (2.44 m) to increase internal fuel load to 1,102 gal (4,172 l).
The detachable wingtip fuel tanks were reduced in size to 170 gal (644 l) each, but due to the aircraft's increased internal fuel capacity, these tanks were seldom used in service.
The horizontal stabilizers were moved from the vertical tail down to the fuselage and incorporated significant dihedral.
The F2H-3 was fitted with a Westinghouse AN/APQ-41 radar unit, enabling the fighter to be used for all-weather missions, and the cannons were moved downwards and rearwards away from the nose to accommodate the radar and increase ammunition capacity from 150 rounds per gun to 220 rounds for each upper gun and 250 rounds for each lower gun.
Another four weapons pylons were added under the wings for a total of eight, and t
Similarities to the FH-1 meant that McDonnell was able to complete the first F2H-1 in August 1948, a mere three months after the last FH-1 rolled off the assembly line. Relative to the XF2D-1, the fuselage was extended about 12 inches forward of the wing  and fuel capacity was increased by 29 gallons to 877. The empennage was slightly redesigned, reducing the size of the vertical tailplane fairing and eliminating dihedral from the horizontal stabilizers. The wing- and tail-thickness ratio was also reduced to increase the critical Mach number. The F2H-1 was retrofitted with 3,150 lbf (14 kN) thrust engines as they became available.
Although the Navy accepted the F2H-1, it was the more capable F2H-2 that was most widely used. With newer Westinghouse J34-WE-34 3,250 lbf (14.5 kN) thrust engines, it had significantly improved performance. The wings were modified and strengthened to add provisions for 200 gal (760 l) wingtip fuel tanks; unlike the contemporary USN F9F Panther, the Banshee's wingtip tanks were detachable. Two armament pylons were added under each stub and outboard wing, for a total of eight, allowing the aircraft to carry a maximum stores load of 1,580 lb (454 kg), consisting of four 250 lb (113 kg) bombs and four 5-in (12.7 cm) unguided rockets. The "kneeling" nose gear was omitted from the F2H-2 and most other subsequent Banshee variants.
The F2H-2 was the foundation for three minor variants of the Banshee. The first, the F2H-2B, had strengthened wings and a strengthened inner pylon under the portside wing to allow the craft to carry a 1,650 lb (748 kg) Mark 7 nuclear bomb or a 3,230 lb (1,465 kg) Mark 8 nuclear bomb. In order to compensate for the vastly increased load, the F2H-2B was fitted with stiffer landing gear struts and a pilot-switchable power booster for the ailerons; the latter was necessary so pilots could control a roll to the left with a heavy Mark 8 nuclear bomb fitted on the left-hand pylon. One 20 mm cannon was omitted to make room for additional electronics to arm the nuclear weapon.
The F2H-2N was a night fighter variant outfitted with a 2 ft 10 in (0.86 m) longer nose that housed a Sperry Corporation AN/APS-19 radar unit. The cannons were moved rearwards in the nose to make room for the radar. One F2H-2N, BuNo 123311, was eventually returned to McDonnell to serve as the prototype for the enlarged and enhanced F2H-3 and F2H-4 series. Several F2H-2Ns retained the "kneeling" nose feature of the earlier F2H-1.
The F2H-2P was a photo-reconnaissance version with six cameras housed in a 2 ft 5 in (0.74 m) longer nose; it was the first jet-powered reconnaissance aircraft used by the USN. Remote controls allowed the pilot to rotate the cameras in the vertical and horizontal planes, and the aircraft could be fitted with a pair of underwing pods that each contained 20 flash cartridges for night photography. The camera bay was electrically heated to prevent frost. The F2H-2P was considered a valuable photo-reconnaissance asset due to its long maximum range for a jet aircraft, maximum operational altitude of 48,500 feet, combined with its speed that made it extremely difficult to intercept by other combat jet aircraft of the early 1950s era.
The F2H-3 was the last significant alteration. The fuselage was extended by 8 ft 0 in (2.44 m) to increase internal fuel load to 1,102 gal (4,172 l). The detachable wingtip fuel tanks were reduced in size to 170 gal (644 l) each, but due to the aircraft's increased internal fuel capacity, these tanks were seldom used in service. The horizontal stabilizers were moved from the vertical tail down to the fuselage and incorporated significant dihedral. The F2H-3 was fitted with a Westinghouse AN/APQ-41 radar unit, enabling the fighter to be used for all-weather missions, and the cannons were moved downwards and rearwards away from the nose to accommodate the radar and increase ammunition capacity from 150 rounds per gun to 220 rounds for each upper gun and 250 rounds for each lower gun. Another four weapons pylons were added under the wings for a total of eight, and t
McDonnell F2H Banshee