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The dynamics of nonreciprocally coupled oscillators and coupled waves is studied. Such coupling can lead to converting the energy of low-frequency (LF) oscillations to the energy of high-frequency (HF) oscillations. The influence of the resonant properties of the coupling elements on the conditions of the energy conversion is carried out. It is shown that this conversion can be realized when either the amplitude or the phase of the coupling coefficient is modulated at a low-frequency. By the example of waves in a rare magnetoactive plasma, it is shown for the first time that the discussed energy conversion takes also place in a system of interacting waves. Results of analytical and numerical studies illustrating the conditions for the excitation of high-frequency oscillations due to the energy conversion are presented.