In this work, based on density functional theory (DFT) and time‐dependent DFT (TDDFT) methods, we theoretically explore the excited state behavior for a novel dye molecule 3,3′‐(5,5′‐((1E,1E′)‐hydrazine‐1,2‐diylidenebis (methanylylidene))bis(2‐morpholinothiazole‐5,4‐diyl))bis(4‐hydroxy‐2H‐chromen‐2‐one) (CS‐Azine). Coupling with atoms in molecules, we investigate the intramolecular dual hydrogen bonds of CS‐Azine system and verify the formation of them. Via study the primary bond distances, bond angle, and infrared vibrational spectra involved in hydrogen bonding moieties, we find O1‐H2···N3 and O4‐H5···N6 of CS‐Azine should be strengthened in the S1 state. When exploring the photo‐excitation process, we confirm that the charge redistribution around hydrogen bonding moieties reveals the tendency of ESIPT reaction. To further investigate whether single or double proton transfer occurs in the S1 state, we consider two kinds of reaction paths (ie, the stepwise and synergetic ESIPT reactions). And the constructed potential energy curves demonstrate that only the single proton transfer reaction should be the most supported in the S1 state from CS‐Azine to CS‐Azine‐SPT form due to the low potential energy barrier. This work not only clarifies the excited state behavior and mechanism about CS‐Azine system but also paves the way for further applying CS‐Azine dye in future.