[Part I, cf. ibid. 37, 483-493 (1986; Zbl 0608.10025).] In this second part on local and global equivalence of binary forms the author studies forms of odd degree n. He shows that over the rational numbers locally equivalent forms are globally equivalent except in the following case: The degree n equals \(3\cdot q^ b\) with q a prime\(\equiv 1\) mod 3 and \(b\geq 1\). In the exceptional case there are at most two equivalence classes of locally equivalent forms.