Multireference perturbation theory with complete active space self-Ž . consistent field CASSCF reference functions is applied to the study of the valence ª * excited states of 1,3-butadiene, 1,3,5-hexatriene, 1,3,5,7-octatetraene, and 1,3,5,7,9-decapentaene. Our focus was put on determining the nature of the two lowestlying singlet excited states, 1 1 B q and 2 1 A y , and their ordering. The 1 1 B q state is a singly u g u excited state with an ionic nature originating from the HOMO ª LUMO one-electron transition while the covalent 2 1 A y state is the doubly excited state which comes mainly g Ž . 2 Ž . 2 from the HOMO ª LUMO transition. The active-space and basis-set effects are taken into account to estimate the excitation energies of larger polyenes. For butadiene, the 1 1 B q state is calculated to be slightly lower by 0.1 eV than the doubly excited 2 1 A y u g state at the ground-state equilibrium geometry. For hexatriene, our calculations predict the two states to be virtually degenerate. Octatetraene is the first polyene for which we predict that the 2 1 A y state is the lowest excited singlet state at the ground-state g geometry. The present theory also indicates that the 2 1 A y state lies clearly below the g 1 1 B q state in decapentaene with the energy gap of 0.4 eV. The 0᎐0 transition and the u emission energies are also calculated using the planar C relaxed excited-state 2 h geometries. The covalent 2 1 A y state is much more sensitive to the geometry variation g than is the ionic 1 1 B q state, which places the 2 1 A y state significantly below the 1 1 B q u g u state at the relaxed geometry.