Underwater pulse-current wet welding was proposed in part 1 of this two-part report. The novel technology obtained improved metal transfer and welding process stability. The main reason for droplet oversizing and long transfer cycles was found to be the deviated large droplet stage. In this part, the waveform optimization for both bubble behaviors and metal transfer were investigated. Efforts were made for shortening the duration of the deviated large droplet stage. Pulse current influences on bubble evolution was studied. It was found that two different separation modes can be adjusted by appropriately changing the current values when the bubbles are necking. Quickly reducing the welding cur-rent can sharply lower the impact force on the droplets due to intense gas flow changes inside. Under the optimized pulse current, the range of the metal transfer cycle became narrower, and droplet diameters were smaller than that of the original condition. Stable and improved metal transfer processes were achieved with a frequency of 7.52 Hz and an average droplet diameter of 2.4 mm, which was about 1.5 times the wire diameter. The optimized pulse waveform greatly improved weld formation with less spatter and a more uniform appearance.