Thc photorcactions of biacctyl (I) with various clcctron-rich olcfins have been investigated. Oxetanes and allyl alcohols are formed upon irradiation with )c = 400-480 nm (nx* excitation of biacetyl) depending on the nature of the olefin. An unusual relationship between the rate constants of luminescence quenching of biacctyl by olefins (log kq) and the free enthalpies of electron transfcr ( A G ) indicatc formation of an cxciplcx first. A rcasonablc good fit bctwccn cxperimcntal results of log k, and AGz has been obtained on the basis of a mechanistic model which includes the exciplex intermediate as well as an ionic photodissociation pathway and some empirical adjustment of the parameters. Complete electron transfer as a consecutive process has been proven for some strong clectron-donating olefins by means of ESR spectroscopy and scavcnging of the radical cations. The solvent dcpcndcnce of the product quantum yields further confirms the competition between ionic photodissociation and product formation. The preferred formation of allyl alcohols (reduction products) with strong electron-donating olefins and the highly regioselective oxetane formation with ketene acetal are discussed in terms of cxciplcxcs of strong CT character or even contact ion pairs and dipolar intermediates.