The matrix Modified Encounter Theory MET, developed in Part I of this work, is applied here to reversible inter-molecular energy transfer in liquid solutions. For fluorescence quantum yield at contact transfer the Stern–Volmer law is confirmed, but the concentration corrections to its constant are diffusion-dependent unlike those obtained earlier with Superposition Approximation. In the particular case of irreversible energy transfer, when the exact solution is available, the latter is used to discriminate between all competing approaches and establishes MET superiority. In the case of reversible energy transfer producing the long-lived or even stable products, the energy is stored there and dissipates due to backward energy transfer in re-encounters. The kinetics of this process, resulting in a delayed fluorescence, is shown to be qualitatively different in cases of short and long encounter times as compared to the excitation lifetime. © 2001 American Institute of Physics.