This is the only work among Op. 31 that adopts a four-movement structure, yet it does not include a slow movement. Instead, it places two dance movements, a Scherzo and a Minuet, consecutively in the middle movements.

First Movement: E-flat Major, 3/4 time, Sonata Form

The opening, featuring a II7 chord (which could also be interpreted as an added-sixth chord on IV due to the progression from F to G-flat), is arguably the most surprising beginning among Beethoven's sonatas to date. No other instances of a sonata beginning with a chord other than the tonic or dominant can be found. Furthermore, the abrupt tempo changes—a ritardando shortly after the opening, a pause marked by a fermata, and an immediate a tempo—are a common technique observed in the other two works of Op. 31 (the finale of Op. 31, No. 1, and the first movement of the "Tempest" Sonata, Op. 31, No. 2).

Following a two-measure scalar passage serving as a bridge, the exposition proceeds through the statement of the theme (m. 10ff.) and a transition (m. 25ff.) before the secondary theme appears in the dominant key (B-flat major). Here, a four-measure scalar passage is inserted as a bridge, leading to the statement of the theme (m. 57ff.), a transition (m. 64ff.), and then, via an arpeggiated bridge, to the coda (m. 77ff.). The coda, immediately after cadencing in the dominant, introduces an expanded form of the latter half of the main theme's motive, preceded by a chromatically ascending bridge, and then moves towards the tonic.

Development and Recapitulation

The development section (m. 89ff.) reintroduces the opening of the exposition but moves to C minor via an augmented sixth chord. After the main theme is varied in C major and F major, a sequence based on the transition of the secondary theme and the bridge motive modulates through B-flat minor, E-flat major, and A-flat major. An arpeggiated chord on the IV degree of A-flat major then prepares the recapitulation (m. 137ff.).

Unlike the opening of the exposition, the main theme is here recapitulated against a background of the II chord of E-flat major (the opening chord in the exposition was interpreted as a II7 chord due to its correspondence with this recapitulation). In the recapitulation of the secondary theme in the tonic key (m. 170ff.), the bridge passage leading to its statement is expanded. The expansion of the coda begins, triggered by the section in the exposition that moved back to the tonic after cadencing in the dominant. This is because, in a basic sonata form, the perfect cadence in the dominant in the exposition's coda is replaced by a perfect cadence in the tonic in the recapitulation, creating a mechanism for a perfect cadence in the tonic. However, Beethoven added music here that returns to the tonic. Consequently, in this recapitulation, the tonality inevitably moves towards the subdominant. The movement concludes with modulations repeating the main theme's motive, the theme appearing once more in the tonic, and finally, the transition motive.

Second Movement: A-flat Major, 2/4 time, Scherzo (Sonata Form)

This Scherzo movement is in duple meter and follows a sonata form structure.

Exposition

The main theme, with its sf accent placed on the off-beat of the second beat, indicates the "scherzo" (or "scherzando") character of this movement. The characteristic repeated notes at the end of the theme, occurring amidst tempo changes of poco ritardando and a tempo, can be understood as one of the elements common to Op. 31 that create a sense of musical stasis.

Following the statement of the theme (m. 20ff.) and a transition (m. 35ff.) characterized by the rhythm of repeated notes and a lively unison passage, the secondary theme (m. 50ff.) appears in the dominant key (E-flat major). Once the secondary theme is concisely presented, there is no further statement or transition, but rather a short coda (m. 58ff.) is placed.

Development and Recapitulation

The development section (m. 64ff.) begins with the main theme in F major. After an intervening transition motive, the main theme appears again, this time in C major, but quickly transitions into an ornamental passage that prepares the recapitulation (m. 106ff.). This recapitulation, in contrast to the first movement, concisely concludes the movement by restating both themes in the tonic key.

Third Movement: E-flat Major, 3/4 time, Minuet

In contrast to the second movement, which was a characterful Scherzo (not adhering to a dance form), this Minuet strictly follows a dance form. Each section is repeated by repeat signs, and both the main Minuet section and the Trio exhibit a simple tonal structure: modulating to the dominant in the first half and returning to the tonic to conclude in the second half.

Fourth Movement: E-flat Major, 6/8 time, Sonata Form

A texture figuration in the style of a tarantella dance pervades the entire movement, suggesting an affinity with the finale of the "Tempest" Sonata.

While the movement generally adheres to sonata form, its framework may not be entirely suitable, particularly concerning the character of the themes and the tonal distribution in the recapitulation.

Exposition

The movement begins with an unusual metrical device: an anacrusis of two eighth notes, with the true sense of meter only becoming apparent through the accentuation of the main theme in the upper voice. Following a transition (m. 12ff.) characterized by a tarantella rhythm and intermittent repeated F notes (the dominant of the dominant key) (m. 34ff.), the secondary theme (m. 42ff.) appears in the dominant key (B-flat major). However, it is absorbed into the accompanying figuration that dominates the entire movement, almost becoming a mere passage. The coda (m. 64ff.) is based on the tarantella rhythm of the transition and leads to a dominant seventh chord in the tonic key, marked by a fermata.

Development and Recapitulation

The development section (m. 80ff.) first modulates to G-flat major via the tarantella rhythm. This is reinterpreted enharmonically as F-sharp major, and through arpeggiated chords extracting rhythmic elements from both the main theme and the repeated notes of the transition, it modulates sequentially through B minor, C minor, A-flat major, and D-flat major, before the tarantella rhythm returns. Passages from the secondary theme section appear successively, and the arpeggiated motive gradually transforms into the accompanying figuration of the main theme.

The recapitulation (m. 174ff.), thus reached, restates the main theme and then moves to G-flat major in the transition. The secondary theme is recapitulated in this G-flat major, and it does not even hint at the tonic E-flat major until it yields to the parallel minor, E-flat minor, in the coda (m. 239ff.). Whether this tonal distribution should be regarded as original within the sonata form is debatable.

This coda is also expanded, with the main theme's motive appearing alternately in the high and low registers. Despite being twice interrupted by diminished seventh chords marked with fermatas, the movement concludes with a persistent repetition of this motive.