Belief revision theory studies how an ideal doxastic agent should revise her beliefs when she receives new information. In part I, I have first presented the AGM theory of belief revision. Then I have focused on the problem of iterated belief revisions. In part II, I will first present ranking theory (Spohn 1988). Then I will show how it solves the problem of iterated belief revisions. I will conclude by sketching two areas of future research.