Petri nets offer a versatile modeling framework for complex, distributed, concurrent systems and have been used in a wide range of modeling applications. In Part 1 of this two-part article, we have seen important features and representational power of the Petri net model. We have also seen how the application of firing rules enables Petri nets to capture the dynamics or behavior of the modeled system. In this part, we will first understand how important system properties are modeled by Petri nets and then look into the applications of Petri net models.