For pt.I see ibid., vol.15, p.1109 (1985). A microscopic model is proposed for the magnetic structure of Fe-B glasses. An examination of the partial structure factor S_FeFe(Q) is taken as a starting point and the model is based on the results of recent structural simulations of metallic glasses. It is compatible with the linear variation of magnetic moment with composition established in the previous paper (I). In this model, regions having distorted tetrahedral and octahedral symmetries behave magnetically like gamma -Fe and alpha -Fe, where the former adopts the high-moment ferromagnetic gamma ₂ state proposed by R.J. Weiss in the 1960s. An analysis of magnetic neutron scattering data has also been made to obtain the magnetic form factor and the unpaired electron distribution of the iron atoms. This provides direct evidence of the localisation of the 3d electrons, which calculations predict to occur on the transition gamma ₁ to gamma ₂Fe.