  We investigate the transition formfactors for the B -> K^* l^+ l^- (l = mu,
tau) decay in the light cone QCD. It is found that the light cone and 3-point
QCD sum rules analyses for some of the formfactors for the decay B -> K^* l^+
l^- lead to absolutely different $q^2$ dependence. The invariant dilepton mass
distributions for the B -> K^* mu^+ mu^- and B -> K^* tau^+ tau^- decays and
final lepton longitudinal polarization asymmetry, which includes both short and
long-distance contributions, are also calculated.
