Depopulation of the S-2 excited electronic state of the Zn-tetraphenylporphyrin (ZnTPP) was monitored by measuring the decay of S-2-->S-0 and the rise of S-1-->S-0 fluorescence using the up-conversion fluorescence technique with a time-resolution of 120 fs. The lifetime of the S-2 electronic state, measured for ZnTPP in ethanol (tau(S2)=2.35 ps) correlates with the risetime of S-1-->S-0 fluorescence. This result demonstrates the depopulation of S-2 to S-1 via (vibrational) states with lifetimes much shorter than that of S-2. The rise time of S-2 fluorescence (tau(v) = 60-90 fs) was attributed to vibrational relaxation (in S-2) Fluorescence anisotropy decay of the S-2 state was also studied by measuring the parallel and perpendicular fluorescence components. The high initial anisotropy of r greater than or equal to 0.7 is interpreted as due to the existence of a degenerate excited electronic state S-2 and the corresponding fast decay time tau(1) = 0.2 ps to the electronic dephasing of the degenerate level pair. The long component of the anisotropy decay (tau(2) much greater than 10 ps) is due to rotational diffusion.