The experimental set-up for time dependent transient absorption/gain measurements with femtosecond time resolution is presented. Using pump-probe spectroscopy technique with femtosecond pulses from Ti:Sapphire laser system (Spectra Physics), the optical density of transient absorption and transient gain in the spectral range of 330-700nm, time resolution of 120fs, can be measured with the precision of up to 0.005. Knowing the real time resolution and ''zero time'' dispersion of the system from two-photon absorption measurements, we performed femto- and picosecond study of electronically excited DCM molecule in c-C 6 H 1 2 and MeOH solution. The emission decay of the DCM molecule in the locally excited singlet state, S 1 -LE, was measured with picosecond time resolution using TCSPC set-up (Time Correlated Single Photon Counting). The steady-state and time resolved measurements permitted the determination of the properties of this locally excited singlet S 1 -LE state and the pathways of its deactivation.