The concept of a composition algebra of the second kind is introduced. We prove that such algebras are non-degenerate monocomposition algebras without unity. A big number of these algebras in any finite dimension are constructed, as well as two algebras in a countable dimension. The constructed algebras each contains a non-isotropic idempotent e2 = e. We describe all orthogonally non-isomorphic composition algebras of the second kind in the following forms: (1) a two-dimensional algebra (which has turned out to be unique); (2) three-dimensional algebras in the constructed series. For every algebra A, the group Ortaut A of orthogonal automorphisms is specified.