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We investigate the phase diagram of the complex cubic unitary ensemble of random matrices with the potential $V(M)=-\frac{1}{3}M^3+tM$ where $t$ is a complex parameter. As proven in our previous paper, the whole phase space of the model, $t\in\mathbb C$, is partitioned into two phase regions, $O_{\mathsf{one-cut}}$ and $O_{\mathsf{two-cut}}$, such that in $O_{\mathsf{one-cut}}$ the equilibrium measure is supported by one Jordan arc (cut) and in $O_{\mathsf{two-cut}}$ by two cuts. The regions $O_{\mathsf{one-cut}}$ and $O_{\mathsf{two-cut}}$ are separated by critical curves, which can be calculated in terms of critical trajectories of an auxiliary quadratic differential. In our previous work the one-cut phase region was investigated in detail. In the present paper we investigate the two-cut region. We prove that in the two-cut region the endpoints of the cuts are analytic functions of the real and imaginary parts of the parameter $t$, but not of the parameter $t$ itself. We also obtain the semiclassical asymptotics of the orthogonal polynomials associated with the ensemble of random matrices and their recurrence coefficients. The proofs are based on the Riemann--Hilbert approach to semiclassical asymptotics of the orthogonal polynomials and the theory of $S$-curves and quadratic differentials.