Kinetic theory for the reactions proceeding on a polymer chain was developed in the field of polymer catalyst. Polymer catalyst is designed to possess either adsorption or catalytic site distributed along the chain. The former adsorbs a substrate and the complex formed subsequently undergoes an intramolecular reaction catalyzed by the latter to afford product and to regenerate free adsorption site. The overall reaction rate was formulated taking into account the distribution of catalytic sites in the neighborhood of each adsorption site. The reaction rate for polymer catalyst was compared with that for the corresponding low-molecular-weight catalyst. The acceleration by polymer catalyst was very marked when the reagent concentrations were low. A supplementary remark on Part I of this series was also made.