The first version of the aircraft entered service in 1959 as the T2J-1. It was re-designated the T-2A in 1962 under the joint aircraft designation system. The two-seat trainer was powered by one Westinghouse J34-WE-46/48 turbojet. The aircraft was subsequently redesigned, and the single engine was replaced with two Pratt & Whitney J60-P-6 turbojets in the T-2B. The T-2C was fitted with two much more powerful 2,950 lbf (13,100 N) thrust General Electric J85-GE-4 turbojets. The T-2D was an export version which was sold to the Venezuelan air force, while the T-2E was sold to the Greek Air Force. The T-2 Buckeye (along with the TF-9J) replaced the T2V-1/T-1A Seastar, though the T-1 would continue in some uses into the 1970s.

The Buckeye was designed as a low-cost multi-stage trainer. Its straight wing is similar to that used in the original North American FJ-1 Fury. Its cockpit controls are similar to the T-28C trainer. The T-2's performance is between that of the Air Force's T-37 Tweet, and the TA-4J Skyhawk. While it has no built-in armament, the T-2 has two underwing hardpoints for .50 in gun pods, 100 lb (45 kg) practice bombs or 2.75 in rockets.

All T-2 Buckeyes were manufactured by North American at Air Force Plant 85, located just south of Port Columbus Airport in Columbus, Ohio. 273 aircraft were built during its production run. The name Buckeye refers to the state tree of Ohio, as well as the mascot of the Ohio State University.

Virtually every Naval aviator from the late 1950's until 2004 received training in the T-2 Buckeye, a career spanning four decades. In the Naval Aviator syllabus, the T-2 has been replaced by the near-sonic T-45 Goshawk (the US Navy version of the BAE Hawk), which is more comparable to other high performance subsonic trainers, or the USAF T-38 Talon. More recently, the T-2 has been used as a director aircraft for aerial drones. Several T-2 Buckeyes are now registered in civilian markings and regularly appear at air shows.