The current understanding of the underlying reasons behind the load interaction effects in fatigue crack growth under variable amplitude loading is presented. Mechanistic arguments proposed to control the load interaction phenomena are reviewed and evaluated based on their capability to qualitatively explain empirical trends in variable amplitude fatigue crack growth summarized in Part I [Fatigue Fract. Engng Mater. Struct. 1998, 21(8), 987–1006] of the present paper. Mechanisms linked to plastic straining at the crack tip enable an interpretation of the majority of the experimental results. Some observations, however, which cannot be understood in terms of plasticity‐induced crack closure, or which are even in contradiction with the crack closure approach, indicate a possible role of other factors. A general conclusion is that conditions under which various phenomena can affect variable amplitude fatigue crack growth and interactions between them are insufficiently recognized.