A stochastic two-dimensional Fornasini-Marchesinis Model Ⅱ (2-D FMM Ⅱ) with multiplicative noise is given,and a filtering algorithm for this model, which is optimal in the sense of linear minimum-variance, is developed. The stochastic 2-D FMM Ⅱ with multiplicative noise can be reduced to a 1-D model, and the proposed optimal filtering algorithm for the stochastic 2-D FMM Ⅱ with multiplicative noise is obtained by using the state estimation theory of 1-D systems. An example is given to illustrate the validity of this algorithm.