In this paper we present a molecular level study analyzing vibrational energy redistribution in a reacting nitrogen system due to N2 + N collisions, N2 + N exchange reactions, N2 +N2 collisions and N2 +N2 exchange reactions at T = 30000K, T = 20000K and T = 10000K. We see that probability distribution functions describing vibrational energy change due to N2 + N and N2 + N2 collisions collisions peak at ∆ɛvib = 0eV and have a narrow distribution. We find that the probability distribution functions describing change in vibrational energy due to N2 + N and N2 + N2 exchange reactions have a larger width than the probability distribution functions for collisions, indicating that exchange reactions are more efficient in redistributing vibrational energy than collisions. We also find that exchange reactions that cause a change in vibrational energy are likely to change the vibrational level of the the reaction product by multiple vibrational quantum levels when compared to the reactant. On the other hand collisions are more likely to change the vibrational quantum number by one.