The Geostationary Ocean Color Imager (GOCI) Yonsei aerosol retrieval (YAER) version 1 algorithm was developed for retrieving hourly aerosol optical depth at 550 nm (AOD) and other subsidiary aerosol optical properties over East Asia. The GOCI YAER AOD showed comparable accuracy compared to ground-based and other satellite-based observations, but still had errors due to uncertainties in surface reflectance and simple cloud masking. Also, it was not capable of near-real-time (NRT) processing because it required a monthly database of each year encompassing the day of retrieval for the determination of surface reflectance. This study describes the improvement of GOCI YAER algorithm to the version 2 (V2) for NRT processing with improved accuracy from the modification of cloud masking, surface reflectance determination using multi-year Rayleigh corrected reflectance and wind speed database, and inversion channels per surface conditions. Therefore, the improved GOCI AOD (τ<sub>G</sub>) is similar with those of Moderate Resolution Imaging Spectroradiometer (MODIS) and Visible Infrared Imaging Radiometer Suite (VIIRS) AOD compared to V1 of the YAER algorithm. The τ<sub>G</sub> shows reduced median bias and increased ratio within 0.15τ<sub>A</sub>+0.05 range (i.e. absolute expected error range of MODIS AOD) compared to V1 in the validation results using Aerosol Robotic Network (AERONET) AOD (τ<sub>A</sub>) from 2011 to 2016. The validation using the Sun-Sky Radiometer Observation Network (SONET) over China also shows similar results. The bias of error (τ<sub>G</sub>-τ<sub>A</sub>) is within −0.1 and 0.1 range as a function of AERONET AOD and AE, scattering angle, NDVI, cloud fraction and homogeneity of retrieved AOD, observation time, month, and year. Also, the diagnostic and prognostic expected error (DEE and PEE, respectively) of τ<sub>G</sub> are estimated. The estimated multiple PEE of GOCI V2 AOD is well matched with actual error over East Asia, and the GOCI V2 AOD over Korea shows higher ratio within PEE compared to over China and Japan.