This paper is the second part of a series of papers dealing withrealization theory of switched systems.The current Part II addresses realization theory of bilinear switchedsystems. In Part I [Petreczky, ESAIM: COCV, DOI: 10.1051/cocv/2010014] we presented realizationtheory of linear switched systems.More precisely, in Part II we present necessary and sufficient conditionsfor a family of input-output maps to berealizable by a bilinear switched system, together with a characterizationof minimal realizations.Similarly to Part I, the paper deals with two types of switched systems.The first one is when all switching sequences are allowed. The second one is when only a subset of switching sequences isadmissible, but within this restricted set the switching times are arbitrary.The paper uses the theory of formal power series to derivethe results on realization theory.