Quantum chemical calculations have been performed to study the photocycle of [Ru(bpy)3]2+, a complex that is extensively used as an electron donor in photocatalytic reactions. After the initial spin-allowed excitation from the nonmagnetic ground state to a singlet state of metal-to-ligand charge transfer character, the system undergoes a rapid intersystem crossing to a triplet state of equal character. The calculations indicate a lifetime of 10 fs, in good agreement with experimental estimates. Important factors for this extremely fast intersystem crossing are the large spin-orbit coupling and the large vibrational overlap of the states involved. Both MLCT states are delocalized over the three bipyridine ligands, but the delocalized electron can easily increase its degree of localization. The hopping parameters have been calculated and found to be large for the localization on two ligands and subsequently on one. The combination of localization and geometry relaxation creates a rather long-lived trapped triplet MLCT state with a calculated lifetime of 9 μs. The addition of methyl groups on the bipyridine ligands decreases the ligand field and consequently lowers the metal-centered triplet states. This could eventually lead to opening of a fast deactivation channel of the 3MLCT states to the initial nonmagnetic states via the triplet ligand field states as occurs in the corresponding Fe(II) complex.