  This is a continuation to the paper [arXiv:1511.08164] in which a problem of
minimizing normalized volumes over $\mathbb{Q}$-Gorenstein klt singularities
was proposed. Here we consider its relation with K-semistability, which is an
important concept in the study of K\"{a}hler-Einstein metrics on Fano
varieties. In particular, we prove that for a $\mathbb{Q}$-Fano variety $V$,
the K-semistability of $(V, -K_V)$ is equivalent to the condition that the
normalized volume is minimized at the canonical valuation ${\rm ord}_V$ among
all $\mathbb{C}^*$-invariant valuations on the cone associated to any positive
Cartier multiple of $-K_V$. In this case, it's shown that ${\rm ord}_V$ is the
unique minimizer among all $\mathbb{C}^*$-invariant quasi-monomial valuations.
These results allow us to give characterizations of K-semistability by using
equivariant volume minimization, and also by using inequalities involving
divisorial valuations over $V$.
