Both Meiosis 1 and 2 have the same phases: Prophase, Metaphase, Anaphase and Telophase. One difference is that Meiosis 1 starts with a diploid cell and Meiosis 2 starts with 2 haploid cells, each with a homologous pair. Meiosis 1 results in 2 daughter cells and Meiosis 2 results in 4.
Meiosis 2 is very similar to Mitosis.
Another difference: The difference between Anaphase 1 and Anaphase 2 in Meiosis is this: In Anaphase 1, the homologous pairs are broken up, but the chromosomes are not. In Anaphase 2, there are no homologous pairs: instead the chromosomes (the sister chromatids) are separated. Probably the most important difference is that in Meiosis 1, since there are homologous pairs, homologous recombination occurs during Prophase 1. This chromosomal crossing over allows variation, which facilitates evolutionary adaptation. Since there are no homologous pairs (only chromatids), recombination can not occur.
The first link gives a broad overview of meiosis and the second is a pretty good video about the process.