By reducing the testing temperatures down to the temperature well below the glassy transition temperature, the serrated flow behaviour during plastic deformation of a Zr-based metallic glass was experimentally investigated and the results were presented in Part I of the present paper. It shows that the yield strength, the plastic deformation ability, the density of shear bands of the metallic glass increase with decreasing temperature. In order to understand the mechanisms for the changes of the mechanical behaviour at low temperatures, in Part II of this study, the stress-time sequence in the plastic strain regime is characterized by a comprehensive dynamical and statistical analysis. The stress-time sequence is found to exhibit a chaotic state at high temperatures (>203 K), whereas a self-organized critical state is obtained at low temperatures ( 203 K) due to the freezing effect. The reasons for the transition between these two distinct spatio-temporal dynamical states are elucidated by investigating the effect of temperature on the deformation units (shear transformation zones) and the elastic interactions between neighbouring shear bands. The results demonstrate that the low temperatures results in an enhancement of the interactions between the elastic strain fields initiated by neighbouring shear bands, which is primarily responsible for the enhanced plasticity of the metallic glass and a dynamics transition. V C 2013 AIP Publishing LLC.