The mechanism of the O(P-3) + CH3CCH reaction was investigated using a combined experimental/theoretical approach. Experimentally the reaction dynamics was studied using crossed molecular beams (CMB) with mass-spectrometric detection and time-of-flight analysis at 9.2 kcal/mol collision energy. Theoretically master equation (ME) simulations were performed on a potential energy surface (PES) determined using high-level ab initio electronic structure calculations. In this paper (II) the theoretical results are described and compared with experiments, while in paper (I) are reported and discussed the results of the experimental study. The PES was investigated by determining structures and vibrational frequencies of wells and transition states at the CASPT2/aug-cc-pVTZ level using a minimal active space. Energies were then determined at the CASPT2 level increasing systematically the active space and at the CCSD(T) level extrapolating to the complete basis set limit. Two separate portions of the triplet PES were investigated, as O(P-3) can add either on the terminal or the central carbon of the unsaturated propyne bond. Minimum energy crossing points (MECPs) between the triplet and singlet PESs were searched at the CASPT2 level. The calculated spin-orbit coupling constants between the T1 and S0 electronic surfaces were similar to 25 cm(-1) for both PESs. The portions of the singlet PES that can be accessed from the MECPs were investigated at the same level of theory. The system reactivity was predicted integrating stochastically the one-dimensional ME using Rice-Ramsperger-Kassel-Marcus theory to determine rate constants on the full T1/S0 PESs, accounting explicitly for intersystem crossing (ISC) using the Landau-Zener model. The computational results are compared both with the branching ratios (BRs) determined experimentally in the companion paper (I) and with those estimated in a recent kinetic study at 298 K. The ME results allow to interpret the main system reactivity: CH3CCO + H and CH3 + HCCO are the major channels active on the triplet PES and are formed from the wells accessed after O addition to the terminal and central C, respectively; (CH3CH)-C-1 + CO and C2H3 + HCO are the major channels active on the singlet PES and are formed from the methylketene and acrolein wells after ISC. However, also a large number of minor channels (similar to 15) are active, so that the system reactivity is quite complicated. The comparison between computational and experimental BRs is quite good for the kinetic study, while some discrepancy with the CMB estimations suggests that dynamic non-ergodic effects may influence the system reactivity. Channel specific rate constants are calculated in the 300-2250 K and 1-30 bar temperature and pressure ranges. It is found that as the temperature increases the H abstraction reaction, whose contribution is negligible in the experimental conditions, increases in relevance, and the extent of ISC decreases from similar to 80% at 300 K to less than 2% at 2250 K.