Femtosecond dynamics of riboflavin, the parent chromophore of biological blue-light receptors, was measured by broadband transient absorption and stationary optical spectroscopy in polar solution. Rich photochemistry is behind the small spectral changes observed: (i) loss of oscillator strength around time zero, (ii) sub-picosecond (ps) spectral relaxation of stimulated emission (SE), and (iii) coherent vibrational motion along a' (in-) and a" (out-of-plane) modes. Loss of oscillator strength is deduced from the differences in the time-zero spectra obtained in water and DMSO, with stationary spectroscopy and fluorescence decay measurements providing additional support. The spectral difference develops faster than the time resolution (20 fs) and is explained by formation of a superposition state between the optically active ((1)pi pi*) S-1 and closely lying dark ((1)n pi*) states via vibronic coupling. Subsequent spectral relaxation involves decay of weak SE in the blue, 490 nm, together with rise and red shift of SE at 550 nm. The process is controlled by solvation (characteristic times 0.6 and 0.8 ps in water and DMSO, respectively). Coherent oscillations for a' and a" modes show up in different regions of the SE band. a" modes emerge in the blue edge of the SE and dephase faster than solvation. In turn, a' oscillations are found in the SE maximum and dephase on the solvation timescale. The spectral distribution of coherent oscillations according to mode symmetry is used to assign the blue edge of the SE band to a (1)n pi*-like state (A"), whereas the optically active (1)pi pi* (A') state emits around the SE maximum. The following model comes out: optical excitation occurs to the Franck-Condon pi pi* state, a pi pi*-n pi* superposition state is formed on an ultrafast timescale, vibrational coherence is transferred from a' to a" modes by pi pi*-n pi* vibronic coupling, and subsequent solvation dynamics alters the pi pi*/n pi* population ratio.