Abstract The dependence of the exciton annihilation rate on the dynamic interaction between excitons in molecular crystals is studied. The equation of motion for the two‐particle density matrix of incoherent excitons is used to obtain an expression for the annihilation rate constant in one‐, two‐, and three‐dimensional crystals. It is shown that the interaction between excitons may considerably affect the annihilation rate and its temperature dependence, and that the contribution of exciton‐exciton interaction to the annihilation process depends on the dimensionality of the system in which the excitons move.