The optoelectronic and excitonic properties in a series of linear acenes (naphthalene up to heptacene) are investigated using range-separated methods within time-dependent density functional theory (TDDFT). In these rather simple systems, it is well-known that TDDFT methods using conventional hybrid functionals surprisingly fail in describing the low-lying La and Lb valence states, resulting in large, growing errors for the La state and an incorrect energetic ordering as a function of molecular size. In this work, we demonstrate that the range-separated formalism largely eliminates both of these errors and also provides a consistent description of excitonic properties in these systems. We further demonstrate that reoptimizing the percentage of Hartree−Fock exchange in conventional hybrids to match wave function-based benchmark calculations still yields serious errors, and a full 100% Hartree−Fock range separation is essential for simultaneously describing both of the La and Lb transitions. From an analysis of electron−hole transition density matrices, we finally show that conventional hybrid functionals over-delocalize excitons and underestimate quasiparticle energy gaps in the acene systems. The results of our present study emphasize the importance of both a range-separated and asymptotically correct contribution of exchange in TDDFT for investigating optoelectronic and excitonic properties, even for these simple valence excitations.