Terpyridine coordination compounds have recently revealed their potential toward optoelectronic applications, which are based on (i) their excellent charge-transfer properties or (ii) intriguing luminescence properties of the systems, depending on their design. This article features recent work in dissecting the photophysical properties of such materials by investigating the photoinduced processes in individual molecular fragments. The article starts considering the terpyridine ligands themselves before discussing the impact of metal coordination. After shedding light into the interplay of different electronic states in the terpyridine complexes, first results of a single-molecule fluorescence study are presented, which allow for correlation of the overall luminescence properties with the structure of the polymer.