This review is a second part of the work that presents a historical retrospective of the studies of photoluminescence in mercury cadmium telluride (HgCdTe), one of the most important materials of infrared photo-electronics. The second part of the review considers the results of the studies performed in 2004–2022. These studies were carried out mostly on films grown by molecular beam epitaxy and focused on the investigation of defects, especially those originating in p-type doping with mercury vacancies or arsenic atoms. Compositional uniformity and alloy fluctuations in HgCdTe were also the subjects of the studies.