The effect of the size of hybrid metal-composite joint on its nominal strength, experimentally demonstrated in the preceding paper (part I), is modeled mathematically. Fracture initiation from a reentrant corner at the interface of a metallic bar and a fiber composite laminate sheet is analyzed. The fracture process zone (or cohesive zone) at the corner is approximated as an equivalent sharp crack according to the linear elastic fracture mechanics (LEFM). The asymptotic singular stress and displacement fields surrounding the corner tip and the tip of an interface crack emanating from the corner tip are calculated by means of complex potentials. The singularity exponents of both fields are generally complex. Since the real part of the stress singularity exponent for the corner tip is not , as required for finiteness of the energy flux into the tip, the interface crack propagation criterion is based on the singular field of the interface crack considered to be embedded in a more remote singular near-tip field of the corner from which, in turn, the boundaries are remote. The large-size asymptotic size effect on the nominal strength of the hybrid joint is derived from the LEFM considering the interface crack length to be much smaller than the structure size. The deviation from LEFM due to finiteness of the interface crack length, along with the small-size asymptotic condition of quasiplastic strength, allows an approximate general size effect law for hybrid joints to be derived via asymptotic matching. This law fits closely the experimental results reported in the preceding paper. Numerical validation according to the cohesive crack model is relegated to a forthcoming paper.