The photophysics of thioxanthone (TX) dissolved in methanol (MeOH) and 2,2,2,-trifluoroethanol (TFE) was studied by time-resolved fluorescence and absorption spectroscopy. The spectrally integrated stimulated emission is seen to lose amplitude within similar to 510 ps. This is much shorter than the fluorescence lifetimes of the compound (2.7 ns for MeOH and 7.6 ns for TFE). The initial reduction in amplitude is attributed to reversible intersystem crossing between the primarily excited (1)pp* and a triplet 3np* state. The latter one is energetically slightly (similar to 0.02 eV) above the former one. Addition of the quencher 1-methylnaphthalene (1-MN) reduces the fluorescence lifetime and yields triplet excited 1-MN, giving further evidence for the equilibrium of singlet and triplet excitations. The depopulation of these two states on the nanosecond time scale results in the rise of the lowest triplet state, a 3pp* state. Temperature dependencies attribute this to an activated internal conversion process between the two triplet states. Kinetic and energetic parameters derived from the experimental data will be compared with quantum chemical results in the accompanying paper