A standard library of theoretical stellar spectra intended for multiple synthetic photometry applications including spectral evolutionary synthesis is presented. The grid includes M dwarf model spectra, hence complementing the first library version established in Paper I (Lejeune et al., 1997, Cat. <J/A+AS/125/229>). It covers the following wide ranges of fundamental parameters: Teff: 50,000 to 2000K, logg: 5.5 to -1.02, and [Fe/H]: +1.0 to -5.0. A correction procedure is also applied to the theoretical spectra in order to provide color-calibrated flux distributions over a large domain of effective temperatures. Empirical Teff-color calibrations are constructed between 11500K and 2000K, and semi-empirical calibrations for non-solar abundances ([Fe/H]=-3.5 to +1.0) are established. Model colors and bolometric corrections for both the original and the corrected spectra, synthesized in the UBV(RI)c(JHKLL'M) system, are given for the full range of stellar parameters. Synthetic colors: ---------------- Synthetic UBV(RI)c(JHKLM) colors have been computed from both the original and the corrected model flux distributions presented in Paper I (1997A&AS..125..229L; see catalog <J/A+AS/125/229>), as the files lcb98ori.dat and lcb98cor.dat respectively; the results are also presented in individual files lcb98xxx.ori and lcb98xxx.cor, where xxx designates the metallicity (ex: 'm15' --> [Fe/H]=-1.5). For each file, we give synthetic colors computed from energy-weighted and photon-weighted stellar fluxes. Semi-empirical calibrations: --------------------------- Empirical ([Fe/H]=0.0) and semi-empirical (-3.5<=[Fe/H]<=+1.0) Teff-colors (UBVRIJHKLM) calibrations are given in Tables 1 to 10.