AC corrosion enhancement of buried steel pipe is induced by high stray AC electromagnetic field and to the faradaic rectification due to non-linearity of current-potential characteristics. In Part I, this phenomenon was evaluated by neglecting the electrical resistance of soil electrolyte. In this part, we will examine when this resistance is no longer negligible. The mathematical model can be expressed by an ordinary nonlinear differential equation. In this part, the corrosion mechanism is modelled by two reactions obeying Tafel law, one for anodic dissolution of steel and another for cathodic process. This corrosion mechanism is valid when the corrosion current density is much higher than the diffusion limited current of dissolved oxygen. Compared with the system where the electrolyte resistance is negligible, the corrosion enhancement induced by AC signal is markedly attenuated because of the ohmic drop through the electrolyte resistance, and the double layer capacitance constitution a bypass circuit.