Dynamic quenching of luminescence of tris(2,2′-bipyridyl)ruthenium(II) chloride by potassium hexacyanoferrate(III) in the sodium bis(2-ethylhexyl)sulfosuccinate (AOT)/water/heptane reversed micellar system was studied as a function of pressure from 0.1 to 300 MPa at 25°C. From the analysis of the decay curves in solutions with W 0 ()[H 2 O]/[AOT]) of 10.3, 14.0, and 22.0, it was found that the quenching rate constants, k q , in micelles were decreased significantly with increasing pressure, while the rate constants, k ex , for the quencher exchange by collision between micelles were found to increase strongly with increasing pressure. The activation volumes for k q were almost independent of W 0 (16 cm 3 /mol), and those for k ex were decreased monotonically from -24 (W 0 ) 10.3) to -54 cm 3 /mol (W 0 ) 22.0) depending on W 0 . From the results of the pressure dependence of k q , the microenvironment inside the micelles is discussed. The largely negative activation volumes for k ex are interpreted on the basis of an encounter or a collision complex formation between micelles prior to the quencher exchange, whose dissociative backward process exhibits larger pressure dependence than the forward one.