Recently, we proposed a new systematic approach to evaluate the many-particle effects on the diffusion-influenced reactions. The method gives an improved result over that obtained by using the superposition approximation. In the present paper, we apply the method to treat the kinetics of reversible energy-transfer reactions of the type A*+B reversible arrow A+B*. Until now, most theories were inapplicable when the lifetime of A* is shorter than that of B*, and a notable exception was the integral encounter theory (IET) of Burshtein The present theory can be applied irrespective of the relative magnitude of the lifetimes of donor and acceptor molecules, and becomes exact for the irreversible target model. In addition, it is applicable to the system with higher reactant densities than IET; the result of IET is recovered as a limiting form in the present theory.