The photochemical decomposition of ethyl(aqua)cobaloxime, [EtCoIII(dmgH)2H2O], a vitamin B12 derivative model complex, was investigated to understand the mechanism of the Co-CEt bond scission induced by light. Upon irradiation of [EtCoIII(dmgH)2H2O], the Co-CEt bond undergoes homolytic scission, resulting in Et/Co(II) radical pair (RP) formation in a similar fashion observed in alkylcobalamins. The [EtCoIII(dmgH)2H2O] complex acts as a potent quencher of a wide variety of excited states in the presence of organic molecules such as benzophenone. It has been proposed that the reaction mechanism involves Dexter energy transfer, resulting in the bond dissociation process. Two issues associated with the proposed mechanism have been investigated, namely, (i) how the energy transfer occurs from benzophenone to cobaloxime and (ii) how the Co-CEt bond is activated and cleaved. Both TD-DFT and CASSCF/NEVPT2 methods have been applied to show the feasibility of the energy transfer reaction via the triplet pathway from photocatalyst to substrate.