3,5-bis(2-Hydroxyphenyl)-1H-1,2,4-triazole (bis-HPTA) has attracted wide attention due to the important application in the detection of microorganisms and insecticidal activity. However, the mechanisms of excited-state intramolecular proton transfer (ESIPT) process and decay pathways are still a matter of debate. In this work, we have comprehensively investigated the photodynamics of bis-HPTA by executing combined electronic structure calculations and nonadiabatic surface-hopping dynamics simulations. Based on the computed electronic structure and dynamics information, we propose two nonadiabatic deactivation channels that efficiently populate the ground state from the Franck-Condon region. In the first one, after being excited to the bright S1 state, bis-HPTA molecule undergoes an ultrafast and barrierless ESIPT-1 process. Then, the system encounters with an energetically accessible S1/S0 conical intersection (CI), which funnels the system to the ground state speedily. Afterward, the keto species either arrives at the keto product or return to its enol species via a ground-state proton transfer in the S0 state. In the other excited-state decay channel, the S1 system hops to the ground state through a different CI, which involves the ESIPT-2 process. In our dynamics simulations, about 79.6% of the trajectories decay to the S0 state via the first CI, while the remaining ones employ the second conical intersection. The results of dynamics simulations also demonstrated that the lifetime of the S1 state is estimated as 315 fs. The present work will give elaborating mechanistic information of similar compounds in various environments.