Models of the early-type contact binary system SV Centauri are computed with a binary-star evolution program. The effects of mass exchange, i.e., the effects of mass acceptance as well as mass loss, are properly included. With the initial masses of the component stars as 12.4 and 8.0 M sub(solar mass), the following observed configurations are well reproduced; the component stars are definitely in contact and the rate of mass exchange is 4 x 10/sup -4/ M sub(solar mass)yr/sup -1/. The more massive component is less luminous and has a lower effective temperature. Such features are also reproduced quantitatively. Agreement of the computed models with observation indicates that the binary system SV Cen is actually in the phase of rapid mass exchange preceding the mass-ratio reversal.