We have carried out a comprehensive investigation of the quasiparticle properties of a two-dimensional electron gas, interacting via the long-range Coulomb interaction in the presence of bare mass anisotropy (i.e., with an elliptic noninteracting Fermi surface) by calculating the self-energy, the spectral function, the scattering rate, and the effective mass within the leading-order dynamical self-energy approximation. Our theory is exact in the high-density limit. We find anisotropic features of quasiparticle properties that are not captured by the commonly used isotropic approximation where the anisotropic effective mass is replaced by the isotropic averaged density-of-states mass. Some of these interesting results are as follows: (1) The many-body renormalization of the quasiparticle spectrum becomes highly anisotropic as the quasiparticle energy increases away from the Fermi energy; (2) the interaction-induced inelastic-scattering rate features a strong anisotropy, exhibiting an abrupt jump at different injected energies depending on the momentum direction of the injected electron; (3) the effective-mass enhancement is larger (smaller) for the light (heavy) mass, showing that the anisotropy is reduced by interactions. Our results and analysis show that the unjustified neglect of the mass anisotropy can lead to an incorrect description of quasiparticle properties of the anisotropic system and inaccurate estimates of physical quantities of interest although the use of an equivalent isotropic approximation using the density-of-states effective mass as is commonly and uncritically performed in the literature, works as a reasonable approximation in many situations. In addition to the complete random phase approximation theory for the anisotropic quasiparticles, we also provide a theory using the simpler plasmon-pole approximation, commenting on its validity for anisotropic self-energy calculations. We comment also on the interaction effect on the Fermi-surface topology, finding that the elliptic shape of the bare Fermi surface is preserved with suppressed ellipticity in the interacting system to a high degree of accuracy except in the very strongly interacting limit (and for very high bare mass anisotropy). Our theory provides a complete generalization of the existing isotropic many-body theory of interacting electrons to the corresponding anisotropic systems.