Ceramic matrix composites (CMCs) have been prepared and optimized as already described in part I of this paper. The fibrous preform made of Hi-Nicalon S fibers was densified by a matrix composed of Si2N2O prepared inside the CMC by reacting a mixture of Si and SiO2 under high nitrogen pressure. This part describes the oxidation resistance and mechanical properties of the optimized CMC. The CMC submitted to oxidation in wet oxygen at 1400 °C for 170 h exhibited an oxidation gradient from the surface to almost the center of the sample. In the outer part of the sample, Si2N2O, Si3N4 and SiC were oxidized into silica in the cristobalite-crystallized form. The matrix microstructure looks similar to the original one at the center of the sample, while at the surface large pores are observed and the fiber/matrix interphase is consumed by oxidation. The elastic modulus and the hardness measured at room temperature by nano-indentation are, respectively, 100 and 8 GPa. The elastic modulus measured at room temperature by tensile tests ranges from 150 to 160 GPa and the ultimate yield strength from 320 to 390 MPa, which corresponds to a yield strain of about 0.6%. The yield strength identified by acoustic emission is about 40 MPa.