In a companion paper (‘Explicit construction of quadratic Lyapunov functions for the small gain, positivity, circle, and Popov theorems and their application to robust stability. Part I: Continuous‐time theory’), Lyapunov functions were constructed in a unified framework to prove sufficiency in the small gain, positivity, circle, and Popov theorems. In this Part II, analogous results are developed for the discrete‐time case. As in the continuous‐time case, each result is based upon a suitable Riccati‐like matrix equation that is used to explicitly construct a Lyapunov function that guarantees asymptotic stability of the feedback interconnection of a linear time‐invariant system and a memoryless nonlinearity. Multivariable versions of the discrete‐time circle and Popov criteria are obtained as extensions of known results. Each result is specialized to the linear uncertainty case and connections with robust stability for state‐space systems is explored.