Exemplar-based sketch-to-photo synthesis allows users to generate photo-realistic images based on sketches. Recently, diffusion-based methods have achieved impressive performance on image generation tasks, enabling highly-flexible control through text-driven generation or energy functions. However, generating photo-realistic images with color and texture from sketch images remains challenging for diffusion models. Sketches typically consist of only a few strokes, with most regions left blank, making it difficult for diffusion-based methods to produce photo-realistic images. In this work, we propose a two-stage method named ``Inversion-by-Inversion" for exemplar-based sketch-to-photo synthesis. This approach includes shape-enhancing inversion and full-control inversion. During the shape-enhancing inversion process, an uncolored photo is generated with the guidance of a shape-energy function. This step is essential to ensure control over the shape of the generated photo. In the full-control inversion process, we propose an appearance-energy function to control the color and texture of the final generated photo.Importantly, our Inversion-by-Inversion pipeline is training-free and can accept different types of exemplars for color and texture control. We conducted extensive experiments to evaluate our proposed method, and the results demonstrate its effectiveness.