From the TVShowsOnDVD.com staff at TV Guide :
Today I'm thrilled to have learned, and be the first to tell you, that the second and third films are making their way to Blu-ray Disc! Lionsgate hasn't officially announced these yet, but thanks to my industry contacts I've recently had a look at their upcoming schedule of releases for April and May, and noted that it includes Rambo: First Blood Part II and Rambo III with a planned street date of May 27th.
Please note that the date is tentative and still subject to change. In fact, if I were Lionsgate I would change it. I'd move it up a week and get it out on the 20th, so action film fans can pick these up and watch them during the long Memorial Day weekend, instead of missing that window by putting it out the day after the holiday.
Hey, maybe the studio can also bring us the newest film on Blu-ray at the same time? Or is that asking too much?
Well...we'll see. Rocky Balboa made it to home video just three months after its theatrical debut, so it wouldn't surprise me - at all - if Rambo makes it home by the end of May!