Subpicosecond transient absorption ͑TA͒ spectroscopy was used to identify excited states, and to measure their relaxation kinetics as a function of excitation wavelength in the halogen-bridged transition-metal (M X) compound PtCl. For pump photon energies E pump between 1.3 and 1.8 eV, below the threshold for exciton formation, intrinsic polarons are photoexcited and decay within 1-3 ps. Excitation into the exciton absorption tail ͑2.0-2.3 eV͒ yields singlet excitons that rapidly decay into an even-parity state, which has a lifetime ͑ϳ100 ps͒ varying with the intial photon energy. Excitation ͑3.1 eV͒ well above the exciton threshold appears to generate more slowly decaying excitons, as well as polarons that are formed upon exciton dissociation. The TA spectra also indicate that relaxation of excitons for E pump Ͼ2 eV is mediated by large-amplitude vibrations perpendicular to the chains. Using third-harmonic generation spectroscopy in addition to TA, we develop an energy-level diagram for the excited states, including polaron levels, and the lowest odd-and even-parity excitons.