Yes...This is a less extreme version of bipolar I.
Answer: According to the definition in the Diagnostic and Statistical Manual of Mental Disorders (DSM-IV), bipolar II disorder (also known as bipolar 2 disorder or bipolar type 2) is "characterized by one or more major depressive episodes accompanied by at least one hypomanic episode." The key difference between bipolar 1 and bipolar 2 is that bipolar 2 has hypomanic but not manic episodes, meaning the symptoms of mania are generally less severe in type 2. Also, while those with bipolar I disorder may experience additional psychotic symptoms such as delusions and hallucinations, bipolar II by definition cannot have psychotic features.
I copied this...but there are some wonderful books explaining the differences, meds, survival guides for people with bipolar, friends and family too.
Good Luck :) I hope this helps