Excited state relaxation of N-(triphenylmethyl)salicylidenimine (MS1) in protic and aprotic solvents has been investigated by means of absorption pump-probe spectroscopy with femtosecond time resolution and fluorescence spectroscopy with picosecond time resolution. Short-lived excited states and long-lived photoproducts have been identified from the differential absorption spectra. Excited states and photoproducts were different under excitation of enol-closed and cis-keto tautomers. As a result, the commonly accepted excited state relaxation model of aromatic anils, which assumes an ultrafast transformation of excited enol-closed tautomers into cis-keto tautomers, has been modified. Performed quantum chemical calculations suggest that hydrogen-bonded ethanol molecules facilitate formation of cis-keto tautomers and are responsible for their different relaxation pathways in comparison with relaxation of excited enol-closed tauromers. Fluorescence decay on a nanosecond time scale was attributed to aggregated MS1 molecules.