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The RAST-K v2, a novel nodal diffusion code, was developed at the Ulsan National Institute of Science and Technology (UNIST) for designing the cores of pressurized water reactors (PWR) and performing analyses with high accuracy and computational performance by adopting state-of-the-art calculation models and various engineering features. It is a three-dimensional multi-group nodal diffusion code developed for the steady and transient states using microscopic cross-sections generated by the STREAM code for 37 isotopes. A depletion chain containing 22 actinides and 15 fission products and burnable absorbers was solved using the Chebyshev rational approximation method. A simplified one-dimensional single-channel thermal-hydraulic calculation was performed with various values for the thermal conductivity. Advanced features such as burnup adaptation and CRUD modeling capabilities are implemented for the multi-cycle analysis of commercial reactor power plants. The performance of RAST-K v2 has been validated with the measured data of PWRs operating in Korea. Furthermore, RAST-K v2 has been coupled with a sub-channel code (CTF), fuel performance code (FRAPCON), and water chemistry code for multiphysics analyses. In this paper, the calculation models and engineering features implemented in RAST-K v2 are described, and then the application status of RAST-K v2 is presented.