We report the results of CCD V and R photometry of the RR Lyrae stars in M2. The periodicities of most variables are revised and new ephemerides are calculated. Light-curve decomposition of the RR Lyrae stars was carried out and the corresponding mean physical parameters [Fe/H] = -1.47, Teff = 6276K, logL = 1.63Lsolar and MV = 0.71 from nine RRab and [Fe/H] = -1.61, M = 0.54Msolar, Teff = 7215K, logL = 1.74Lsolar and MV = 0.71 from two RRc stars were calculated. A comparison of the radii obtained from the above luminosity and temperature with predicted radii from non-linear convective models is discussed. The estimated mean distance to the cluster is 10.49 +/- 0.15kpc. These results place M2 correctly in the general globular cluster sequences for Oosterhoff type, mass, luminosity and temperature, all as a function of the metallicity. Mean relationships for M, logL/Lsolar, Teff and MV as a function of [Fe/H] for a family of globular clusters are offered. These trends are consistent with evolutionary and structural notions on the horizontal branch. Eight new variables are reported.