The first version of the Summilux-M 35 mm f/1.4 Asph (whose construction was based on a new design by Walter Watz) was manufactured for just five years. Due to the high production costs of the lens' aspherical elements, it was discontinued in 1995 to be replaced by Version II.
In this second version, the aspherical elements were no longer ground and polished, but manufactured using a blank-pressing technique. In addition, the Summilux-M 35 mm f/1.4 Asph II no longer featured two, but only one aspherical surface. These economically-driven changes had little effect on the lens' imaging performance.
The optical construction remained the same, with the lens comprising 9 elements divided into five groups. In comparison to Version I, the Summilux-M 35 mm f/1.4 Asph II was marginally shorter, as well as more light-weight.
The Summilux-M 35 mm f/1.4 Asph II was manufactured for more than 15 years from 1994 to 2009. In 2010, it was replaced by the Summilux-M 35 mm f/1.4 Asph FLE.