The article is organized as follows: In Section 2 the preparation of the EB powder and its solution in dimethyl sulfoxide, as well as the characteristics of the pump–probe transient StemRegenin 1 spectrometer set-up used in our experiment are described. In Section 3 (Experimental results) time-resolved differential absorption spectra in the time scale from 50 fs up to 6 ns are presented for the spectral range 340–800 nm. Here, on the basis of a qualitative estimate of the experimental results the physical model describing the deexcitation pathway is suggested. In the following Section 4 (Theoretical modeling) the physical model of the time-resolved kinetics of excited, intermediate, charge transfer and polaron states is reformulated using a set of differential equations, which describe the dynamics of the population of respective states within the excited state manifold after photoexcitation. In Section 5 the model is applied to the set of experimental data and it is shown that the suggested kinetic model can simultaneously explain the observed time evolution of the optical absorption for all probe wavelengths with the same internal parameters of the model. Finally, conclusion is drawn in Section 6.