Despite 50 years of technological advancement since the inception of Concorde, research on supersonic passenger aircraft has only recently resulted in design and flight test of several small 12 to 55-passenger business jets with supersonic cruises between Mach 1.2 and 2.2. Analytical research designs of larger 300-passenger aircraft have been conducted only to speeds of Mach 2.0 and 2.2, mainly avoiding moving beyond turbojet propulsion. This research extends on an earlier multifactor regression sizing study to determine in greater design detail whether the configuration of a 200-passenger Mach 3.0 aircraft is feasible using extant technology. This research article is the second part of two and covers a suitable and cost-effective propulsion system for the executive supersonic passenger aircraft. Through this high-speed design, the research examines modern propulsion technology and the performance advancements it affords through higher efficiencies, higher metallurgical thermal limits, variable cycle engines and variable stator technology. The analysis was conducted on several potential propulsion systems using GasTurb software to obtain engine performance data. The performance results led to a combined cycle turbofan–ramjet engine as being the engine that could yield the most extensive range for the aircraft. Further investigation is needed on aircraft noise, engine emissions, the accuracy of the thrust-critical lift-to-drag ratios and the aeroelastic effects that can be closely coupled to noise and performance.