A novel maize variety designated PHW2M and seed, plants and plant parts thereof. Methods for producing a maize plant that comprise crossing maize variety PHW2M with another maize plant. Methods for producing a maize plant containing in its genetic material one or more traits introgressed into PHW2M through backcross conversion and/or transformation, and to the maize seed, plant and plant part produced thereby. Hybrid maize seed, plant or plant part produced by crossing the variety PHW2M or a trait conversion of PHW2M with another maize variety. Inbred maize varieties derived from maize variety PHW2M, methods for producing other inbred maize varieties derived from maize variety PHW2M and the inbred maize varieties and their parts derived by the use of those methods.