A novel maize variety designated PHW2Z and seed, plants and plant parts thereof. Methods for producing a maize plant that comprise crossing maize variety PHW2Z with another maize plant. Methods for producing a maize plant containing in its genetic material one or more traits introgressed into PHW2Z 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 PHW2Z or a trait conversion of PHW2Z with another maize variety. Inbred maize varieties derived from maize variety PHW2Z, methods for producing other inbred maize varieties derived from maize variety PHW2Z and the inbred maize varieties and their parts derived by the use of those methods.