The Phantom FGR.2, also known as the F-4M, is a British jet fighter. It was introduced in Update 1.93 "Shark Attack". It is a British version of the American F-4 Phantom II.

Although at first glance the Phantom FGR.2 appears very similar to its American counterpart the F-4J Phantom II, there are a number of major visual and performance differences between the two aircraft. Phantoms produced for the RAF were redesigned to use British Rolls-Royce Spey turbofan engines, instead of the General Electric J79 turbojet engines found on American Phantoms. The British engines produced more thrust than the American engines, but were larger; as a result, the fuselage of British Phantoms was modified to be slightly wider than on the American models. In addition, the Phantom FGR.2 has larger air intakes than the F-4J, in order to allow for the increased airflow required by the new engines. The rear of the Fuselage is also significantly different on the Phantom FGR.2; the engines are noticeably angled downwards, and due to the different afterburner arrangement on the Spey engines the exhaust ports and the surrounding area were redesigned. Most distinctively, the Phantom FGR.2 has a squared-off tail and lacks the under-nose probe of the F-4J.

In-game these changes mean that the Phantom FGR.2 has much better low altitude acceleration and climb rate, compared to the American F-4s, as a result of the more powerful engines. In games you will usually see the Phantom FGR.2s get off the ground and to altitude quicker; however due to the increased drag of the redesigned fuselage, and the performance characteristics of the Spey engines, it does not perform quite as well as the F-4J at high altitude, and cannot reach the same maximum speed.