Femtosecond polarization resolved UV/Vis and mid-infrared spectroscopy was used to thoroughly identify and characterize the relevant elementary chemical and physical processes in the photocycle of 3-hydroxyflavone (3-HF) in solution. In one set of experiments with the polar aprotic solvent acetonitrile-d(3), for the first time excited state intramolecular proton transfer (ESIPT), vibrational cooling/relaxation and rotational diffusion could be separated, and furthermore mid IR vibrational spectra of 3-HF excited states in solution phase were obtained. UV/Vis transient absorption data yield the time constant τ(Rot) = 22 ps for rotational diffusion and the time constant τ(VR) = 8.5 ps for vibrational cooling/relaxation in the tautomer excited state (S(1)'). Biphasic ESIPT with τ < 120 fs and τ = 2.4 ps as well as slow ground state recovery with τ > 500 ps was found. The time resolved mid IR data yield a time constant of ≈3.4 ps for the slow ESIPT step as well as the vibrational frequencies of S(0,) S(1)' and, in particular those of the short lived excited state S(1). Via quantum chemical calculations, structural parameters of these states are obtained. Various models were used, namely for the isolated molecule, aggregates with solvent as well as a polarizable continuum, that allow us to correlate the two ESIPT components with two mechanisms. Results are compared to those from previously published gas-phase experiments and indicate that the observed slow ESIPT is mediated by solute-solvent interaction via a hydrogen bond with the hydroxyl group of 3-HF.