Active galactic nuclei (AGNs) are occasionally seen in pairs, suggesting that tidal encounters are responsible for the accretion of material by both central supermassive black holes (BHs). In Paper I of this series, we selected a sample of AGN pairs with projected separations r p < 100 h −1 70 kpc and velocity offsets < 600 km s −1 from the SDSS DR7 and quantified their frequency. In this paper, we address the BH-accretion and recent star-formation properties in their host galaxies. AGN pairs experience stronger BH accretion, as measured by their [O III] λ5007 luminosities (corrected for contribution from star formation) and Eddington ratios, than do control samples of single AGNs matched in redshift and host-galaxy stellar mass. Their host galaxies have stronger post-starburst activity and younger mean stellar ages, as indicated by stronger Hδ absorption and smaller 4000 Å break in their spectra. The BH accretion and recent star formation in the host galaxies both increase with decreasing projected separation in AGN pairs, for r p 10-30 h −1 70 kpc. The intensity of BH accretion, the post-starburst strength, and the mean stellar ages are correlated between the two AGNs in a pair. The luminosities and Eddington ratios of AGN pairs are correlated with recent star formation in their host galaxies, with a scaling relation consistent with that observed in single AGNs. Our results suggest that galaxy tidal interactions enhance both BH accretion and host-galaxy star formation in AGN pairs, even though the majority of low redshift AGNs is not coincident with on-going interactions.