We report on the role of H-bonding interactions on the UV-visible absorption and emission (steady-state and time-resolved) spectroscopy of topotecan (TPT) in solution. In aprotic solvents, a very fast (less than 10 ps) excited-state intramolecular proton-transfer reaction occurs in the absorbing enol (E) form to give a zwitterion (Z) form, emitting with a large Stokes shift. In protic solvents like methanol, the time constant of Z* formation is longer (32 ps) due to the participation of solvent molecules in the proton-transfer reaction. In aqueous solution at near-neutral pH (6.24), a ground-state equilibrium is established between E, cation (C), and Z forms. Direct excitation of E leads to Z* through two channels: a very fast one (less than 10 ps) involving an intramolecular proton-tranfer and a slower one (680 ps) with the C* intermediate formation and reaction. A fast (42 ps) deprotonation of E* to give the excited anion (A*) also competes with the photoformation of Z* at the S-1 state. At pH =12.15, the A structures are the principal emitting species (tau(A) similar to 0.41 ns), showing the largest Stokes shift. In aqueous solutions, we cannot exclude the existence of an equilibrium between the lactone and carboxylate forms of TPT, whose spectroscopic (absorption and emission spectra) and dynamical behaviors should not be very different. Time-resolved emission anisotropy measurements in solvents of different viscosities suggest that the rotational relaxation time (phi) of TPT is mainly governed by the viscosity of the medium, increasing from 104 ps (in tetrahydrofuran, THF) to 156 ps (in water) and 338 ps (in dimethyl sulfoxide, DMSO). These results give spectroscopic and dynamical information on the structures, stability, and dynamics (picosecond to nanosecond time scale) of TPT in solution. They provide insights on the role of the intermolecular H-bonding surrounding medium on the ground- and excited-state structure and reaction of TPT. The finding should contribute to a better understanding of the relationship between the structures of the drug and its surroundings.