We present herein the first comprehensive study of the oneand two-photon absorption of Fe(CO) 5 utilising a hierarchy of linear-and quadratic-response coupled cluster (LR-and QR-CC) methodologies to provide an in-depth characterisation, as well as potential energy curves for axial and equatorial bond dissociations, highlighting the state crossings leading from the bright 1A 2 '' state through to the dissociative 1E' state. We have characterised a range of metal-to-ligand charge transfer (MLCT) and ligand field (LF) states that are in agreement with both previous studies and experiment, including the identification of a series of E' states that present Rydberg character in the 5.9-7.2 eV region. Due to the rapid excited state dissociation of Fe (CO) 5 through the low lying 1E' and 2E'' ligand-field states, we have also included an LR-CCSD analysis of the major dissociative product, Fe(CO) 4 . Analysis of the C 2v geometry of Fe(CO) 4 reveals four accessible ligand field states at 1.085, 1.684, 1.958, and 2.504 eV respectively, reinforcing the highly unstable nature of Fe(CO) 4 along with a strong MLCT band between 4.300 and 5.573 eV. This band overlaps with one in the spectra of Fe(CO) 5 suggesting that full fragmentation could proceed by two paths: two-photon excitation leading to dissociation, or through sequential one-photon absorption events, the first causing dissociation to and the second initiating further fragmentation of the complex.[a] T.