I present in detail the case for regarding black hole thermodynamics as having a statistical-mechanical explanation in exact parallel with the statistical-mechanical explanation believed to underly the thermodynamics of other systems. (Here I presume that black holes are indeed thermodynamic systems in the fullest sense; I review the evidence for \emph{that} conclusion in the prequel to this paper.) I focus on three lines of argument: (i) zero-loop and one-loop calculations in quantum general relativity understood as a quantum field theory, using the path-integral formalism; (ii) calculations in string theory of the leading-order terms, higher-derivative corrections, and quantum corrections, in the black hole entropy formula for extremal an...