The band finished recording their self-titled second album (The Fray) at the end of July 2008 for a February 3, 2009 release. The album was produced by Aaron Johnson and Mike Flynn, the same production duo from the band's debut album. The Fray filmed a music video in Chicago, for their first single, "You Found Me", directed by Josh Forbes, which debuted on VH1.com on December 9, 2008. A documentary, titled Fair Fight, directed by the band's longtime photographer and documentary filmmaker Rod Blackhurst will be sold with the first 300,000 copies of the second album. The Fray debuted their new single "You Found Me" on November 20, during a commercial break of the show Grey's Anatomy. It was a one-minute promo with scenes from the upcoming season of ABC's Lost, and will also be available to buy on iTunes. The band performed the song live at the 2008 American Music Awards on November 23, and have already shot acoustic video performances of the songs from the second album. The album became available for preorder on November 21. The Fray also performed on Jimmy Kimmel Live on December 17, 2008, Good Morning America on February 3rd, 2009, as well as a small-venue tour to preview the new album starting around the middle of December.

The Fray will be on the cover of the Denver Magazine's November issue, which will include an interview.

On December 19th they released a new song on their website titled "Say When" which will appear on the new album.