A borondipyrrin chromophore connected with an o-hydroxyaryl aldimine by a diazo bridge (BODIPY-Schiff dye) has been developed. The photophysical properties of the BODIPY-Schiff dye have been investigated with UV, steady-state, and time-resolved fluorimetry. The spectral features have been characterized with respect to density functional theory and time-dependent density functional theory. The conformational analysis of the studied compound has been accomplished both in the ground and excited states. A scheme of the processes occurring in the BODIPY-Schiff dye has been proposed.