Lipidomics is an emergent "omics" science, which is based on analysis of all lipids present in a biological system known as a lipidome. The widespread use of soft-ionization mass-spectrometric (MS) technology has enabled rapid, sensitive detection of a vast number of individual lipid molecular species from a single biological sample. Particular characteristics of different lipid classes enhance development of MS strategies that permit comprehensive analysis of the lipidome. Large-scale data sets are being produced and international initiatives have started to integrate them and combine them with other "omics" data sets, so as to obtain information about the whole biological system. Pharmaceuticals, medicine and nutrition are just some of the areas that can benefit from the study of lipidomics. Bearing in mind all these issues, this second part of a two-part review presents an overview of the state of lipidomics.