In this study, the photodynamics of 1,2-bis(2,4-dimethyl-5-phenyl-3-thienyl)-3,3,4,4,5,5-hexafluoro-1-cyclopentene (DE) was investigated in the presence of α-, β- and γ-cyclodextrin (CD) inclusion complexes and under the influence of one- and two-laser excitations. Thus, this study aimed to elucidate the ionization quantum yield of DE and how it is affected by the type of CD and laser configuration. Specifically, DE/CD was flash photolyzed using a single laser (355 nm) or a double laser (355 nm and 532 nm) and observed at a wavelength of 720 nm to examine the transient absorption of hydrated electrons. The ionization efficiency with the two lasers was found to exceed that with the single laser. This suggests the existence of a two-step process involving S0→S1 and S1→Sn singlet transitions in the two-photon ionization (TPI) of DE. Furthermore, when the ring-closing isomer of DE was initiated via laser irradiation at 532 nm, the photoionization efficiency increased, especially in the presence of γ-CD. This implies that the 532-nm irradiation, which is not directly involved in TPI, contributed to promoting the TPI of DE, thus increasing its photo-steady state (saturation). Thus, the possibility of using CD-containing lasers to control photochemical reactions with photo-steady state processes was demonstrated. This investigation contributes to a broader understanding of the potential applications and underlying mechanisms of photochromic materials influenced by multi-laser interactions.