The excited‐state behavior of four‐coordinate N,C‐chelate organoboron dyes, based on arylisoquinoline ligands with varying degree of charge‐transfer character, was characterized. Data related to excited triplet state formation, oxygen quenching, and singlet‐oxygen formation were obtained. The results jointly rationalize the previously observed high photostability of the dyes in air‐equilibrated media. Furthermore, femtosecond transient absorption experiments enabled the spectroscopic visualization of the excited intramolecular charge transfer (ICT) state that gives rise to the fluorescence of the dyes.