The Managed Metadata Service or Connection is currently not available

A managed metadata service publishes a term store and, optionally, content types; a managed metadata connection consumes these. When you enable managed metadata in your SharePoint Server 2010 application, a managed metadata service and connection are created automatically. The service identifies the database to be used as the term store, and the connection provides access to the service.

I've been trying to create new Managed Metadata services but get this error when trying to manage them:

The Managed Metadata Service or Connection is currently not available. The Application Pool or Managed Metadata Web Service may not have been started. Please Contact your Administrator.

Here are the detailed steps that i followed to resolve this issue:

Resolution:

1)   Open Central Administration by going Start--All Programs--Microsoft SharePoint 2010 Products--SharePoint 2010 Central Administration.

2)   Click on Manage Service Application which is available in Application Management section.

3)   When you click on Managed Metadata Service application, sometimes you may get the following error:

The Managed Metadata Service or Connection is currently not available

4)   Go and check whether the Managed Metadata Service has been started.

5)   Click on Application Management in the quick launch.

6)   Click on Manage services on server under Service Applications section.

7)   Check whether the Managed Metadata Web Service is started; if not then click on Start

8)   Do an IISRESET

Now you could be able to see the Managed Metadata Service properties

If you still face the same issue, go to IIS and check whether the Application pool for the metadata service is started

Note: Check the account in which the application pool for the metadata service is running. Sometimes if the password for the account is changed, you will get the same issue

If you have any queries/questions regarding the above mentioned information then please let me know. I would be more than happy to help you as well as resolves your issue. Thank you J