Photoinduced electron transfer (PET) was studied in toluene solutions of the Pd-porphyrin-quinone (Pd-PQ) dyad by flash photolysis in the picosecond time range and by a luminescence method. It is found that Pd-PQ has a high rate of intercombination conversion Kisc=(7.7±0.2)·1010 sec−1. Competing intramolecular PET occurs from the lower excited singlet state of the dyad with the rate constant K et s =(2.7 ±0.3)·1010 sec−1. Therefore, ∼74% of excited molecules from the dyad make a transition to the triplet T1 state and 26% take part in intramolecular PET resulting in formation of radical products. The radical products relax to the ground state with the rate constant K=(7.4±0.2)·109 sec−1.