According to Hund's rule, the lowest triplet state (T1) is lower in energy than the lowest excited singlet state (S1) in closed-shell molecules. The exchange integral lowers the energy of the triplet state and raises the energy of the singlet state of the same orbital character, leading to a positive singlet-triplet energy gap (ΔST). Exceptions are known for biradicals and charge-transfer excited states of large molecules in which the highest occupied molecular orbital (HOMO) and the lowest unoccupied molecular orbital (LUMO) are spatially separated, resulting in a small exchange integral. In the present work, we discovered with ADC(2), CC2, EOM-CCSD, and CASPT2 calculations that heptazine (1,3,4,6,7,9,9b-heptaazaphenalene or tri-s-triazine) exhibits an inverted S1/T1 energy gap (ΔST ≈ -0.25 eV). This appears to be the first example of a stable closed-shell organic molecule exhibiting S1/T1 inversion at its equilibrium geometry. The origins of this phenomenon are the nearly pure HOMO-LUMO excitation character of the S1 and T1 states and the lack of spatial overlap of HOMO and LUMO due to a unique structure of these orbitals of heptazine. The S1/T1 inversion is found to be extremely robust, being affected neither by substitution of heptazine nor by oligomerization of heptazine units. Using time-resolved photoluminescence and transient absorption spectroscopy, we investigated the excited-state dynamics of 2,5,8-tris(4-methoxyphenyl)-1,3,4,6,7,9,9b-heptaazaphenalene (TAHz), a chemically stable heptazine derivative, in the presence of external heavy atom sources as well as triplet-quenching oxygen. These spectroscopic data are consistent with TAHz singlet excited state decay in the absence of a low-energy triplet loss channel. The absence of intersystem crossing and an exceptionally low radiative rate result in unusually long S1 lifetimes (of the order of hundreds of nanoseconds in nonaqueous solvents). These features of the heptazine chromophore have profound implications for organic optoelectronics as well as for water-splitting photocatalysis with heptazine-based polymers (e.g., graphitic carbon nitride) which have yet to be systematically explored and exploited.