The Diels-Alder reaction between anthracene and tetracyanoethylene in acetonitrile does not reach a steady-state during the first half-life. The reaction follows the reversible consecutive second-order mechanism accompanied by the formation of a kinetically significant intermediate. The experimental observations consistent with this mechanism include extent of reaction-time profiles which deviate markedly from those expected for the irreversible second-order mechanism and initial pseudo first-order rate constants which differ significantly from those measured at longer times. It is concluded that the reaction intermediate giving rise to these deviations cannot be the charge-transfer (CT) complex, which is formed during the time of mixing, but rather a more intimate complex with a geometry favorable to the formation of the Diels-Alder adduct. The kinetics of the reaction were resolved into the microscopic rate constants for the individual steps. The rate constants, as shown in equation 1, at 293 K were observed to be 5.46 M-1 s(-1) (k(f)), 14.8 s(-1) (k(b)), and 12.4 s(-1) (k(p)). Concentration profiles calculated under all conditions show that intermediate concentrations increase to maximum values early in the reaction and then continually decay during the first half-life. It is concluded that the charge-transfer complex may be an intermediate preceding the formation of the reactant complex, but due to its rapid formation and dissociation it is not detected by the kinetic measurements.