The problem of the deuteron interaction with lithium nuclei, treated as a system of two coupled pointlike clusters, is formulated to calculate the cross sections of the d+Li reaction. The d+Li reaction mechanism is described using the Faddeev theory for the three-body problem of deuteron-nucleus interaction. This theory is slightly extended for calculation of the stripping processes Li-6(d,p)Li-7, Li-7(d,p)Li-8, Li-6(d,n)Be-7, and Li-7(d,n)Be-8, as well as fragmentation reactions yielding tritium, alpha-particles, and continuous neutrons and protons in the initial deuteron kinetic-energy region E-d = 0.5 - 20 MeV. The phase shifts found for d+Li-6 an d+Li-7 and Li elastic scattering, as part of the simple optic model with a complex central potential, were used to find the cross sections for the Li-6(d, gamma(M1))Be-8 and Li-7(d, gamma(E1))Be-9 radiation captures. The three-body dynamics role is also summarized to demonstrate its significant influence within the d+Li-7 system.