A combination of picosecond time-resolved infrared spectroscopy, picosecond transient absorption spectroscopy, and nanosecond flash photolysis was used to elucidate the nature and dynamics of a manifold of the lowest excited states in Pt(phen-NDI)Cl-2 (1), where NDI = strongly electron accepting 1,4,5,8-naphthalene-diimide group. 1 is the first example of a Pt-II-diimine-diimide dyad. UV/vis/IR spectroelectrochemistry and EPR studies of electrochemically generated anions confirmed that the lowest unoccupied molecular orbital (LUMO) in this system is localized on the NDI acceptor group. The lowest allowed electronic transition in Pt(phen-NDI)Cl-2 is charge-transfer-to-diimine of a largely Pt -> phen metal-to-ligand charge-transfer (MLCT) character. Excitation of 1 in the 355-395 nm range initiates a series of processes which involve excited states with the lifetimes of 0.9 ps ((NDI)-N-1*), 3 pS ((MLCT)-M-3), 19 ps (vibrational cooling of "hot" (NDI)-N-3 and of "hot" NDI ground state), and 520 mu s ((NDI)-N-3). Excitation of 1 with 395 nm femtosecond laser pulses populates independently the (MLCT)-M-1 and the (NDI)-N-1* excited states. A thermodynamically possible decay of the initially populated (MLCT)-M-1 to the charge-transfer-to-NDI excited state, [Pt-III(phen-NDI-center dot)Cl-2], is not observed. This finding could be explained by an ultrafast ISC of the (MLCT)-M-1 to the (MLCT)-M-3 state which lies about 0.4 eV lower in energy than [Pt-III(phen-NDI-center dot)Cl-2]. The predominant decay pathway of the (MLCT)-M-3 is a back electron transfer process with similar to 3 ps lifetime, which also causes partial population of the vibrationally hot ground state of the NDI fragment. The decay of the (NDI)-N-1* state in 1 populates vibrationally hot ground state of the NDI, as well as vibrationally hot (NDI)-N-3. The later relaxes to form (NDI)-N-3 state, that is, [Pt(phen-3 3NDI)Cl-2]*, which possesses a remarkably long lifetime for a Pt-II complex in fluid solution of 520 mu s. The IR signature of this excited state includes the nu(CO) bands at 1607 and 1647 cm(-1), which are shifted considerably to lower energies if compared to their ground-state counterparts. The assignment of the vibrational bands is supported by the density-functional theory calculations in CH2Cl2 center dot Pt(phen-NDI)Cl-2 acts as a modest photosensitizer of singlet oxygen.