Since first light in early 2000, operational global quantitative retrievals of aerosol properties over land have been made from Moderate Resolution Imaging Spectroradiometer (MODIS) observed spectral reflectance. These products have been continuously evaluated and validated, and opportunities for improvements have been noted. We have replaced the surface reflectance assumptions, the set of aerosol model optical properties, and the aerosol lookup table (LUT). This second‐generation operational algorithm performs a simultaneous inversion of two visible (0.47 and 0.66 μm) and one shortwave‐IR (2.12 μm) channel, making use of the coarse aerosol information content contained in the 2.12 μm channel. Inversion of the three channels yields three nearly independent parameters, the aerosol optical depth (τ) at 0.55 μm, the nondust or fine weighting (η), and the surface reflectance at 2.12 μm. Retrievals of small‐magnitude negative τ values (down to −0.05) are considered valid, thus balancing the statistics of τ in near zero τ conditions. Preliminary validation of this algorithm shows much improved retrievals of τ, where the MODIS/Aerosol Robotic Network τ (at 0.55 μm) regression has an equation of: y = 1.01x + 0.03, R = 0.90. Global mean τ for the test bed is reduced from ∼0.28 to ∼0.21.