Ultrafast dynamics of photoinduced electron transfer reaction and dimer radical cation formation of ion pair charge transfer complexes between dicyanovinylstyrylpyridinium cation and retraphenylborate anion were studied at room temperature in less polar solvents by femtosecond laser flash photolysis. Transient absorptions were observed both in the visible and near-infrared regions. They showed very rapid rise in less than one picosecond, which was limited by the time resolution of our flash photolysis system.