Picosecond time-resolved IR-UV pump-probe spectroscopy has been performed to study intracluster vibrational energy redistribution (ICVR) and vibrational predissociation (VP) for the OH and CH stretch vibrations of phenol-ethylene hydrogen-bonded cluster. The transient UV spectra after the picosecond IR pulse excitation of these modes were observed by 1+1 REMPI via S-1 with a picosecond UV pulse. We have focused on the difference of the energy flow routes and their rates between the donor (phenol) and the acceptor ( ethylene) site. Though the transient UV spectra showed a similar broad feature for all the vibrations examined, the time profiles exhibited a remarkable site dependence, as well as substantial mode dependence. Especially, we found a large difference in the early stage of the IVR evolution and the rates, whereas the VP rates were very similar.