Instantaneous coloration with large absorbance and quick color fading in the dark are desired properties for thermally reversible photochromic compounds. In the case of naphthopyran derivatives, which have been employed to commercial ophthalmic lenses, the quick color fading has been recently achieved by suppression of the generation of the transoid-trans (TT) form by steric hindrance of bulky substituents. However, there are still open questions whether the steric hindrance decreases the photochromic reaction efficiency, which is a crucial problem for industrial applications. Herein, we apply a wide range of electronic and vibrational time-resolved spectroscopies and reveal that the photochromic reaction yields of the naphthopyrans with bulky substituents are almost comparable (∼0.7) to that of nonsubstituted naphthopyran. The suppression of the formation of the TT form and the effect of solvent polarity on the photodynamics are systematically investigated. These findings are important for fundamental photochemistry and developing naphthopyran-based optimal photofunctional materials.