Time-resolved femtosecond stimulated Raman spectra (FSRS) of a prototypical organometallic photosensitizer/photocatalyst ReCl(CO)3(2,2'-bipyridine) were measured in a broad spectral range ∼40-2000 (4000) cm-1 at time delays from 40 fs to 4 ns after 400 nm excitation of the lowest allowed electronic transition. Theoretical ground- and excited-state Raman spectra were obtained by anharmonic vibrational analysis using second-order vibrational perturbation theory on vibrations calculated by harmonic approximation at density functional theory-optimized structures. A good match with anharmonically calculated vibrational frequencies allowed for assigning experimental Raman features to particular vibrations. Observed frequency shifts upon excitation (ν(ReCl) and ν(CC inter-ring) vibrations upward; ν(CC, CN) and ν(Re-C) downward) are consistent with the bonding/antibonding characters of the highest occupied molecular orbital and the lowest unoccupied molecular orbital involved in excitation and support the delocalized formulation of the lowest triplet state as ReCl(CO)3 → bpy charge transfer. FSRS spectra show a mode-specific temporal evolution, providing insights into the intersystem crossing (ISC) mechanism and subsequent relaxation. Most of the Raman features are present at ∼40 fs and exhibit small shifts and intensity changes with time. The 1450-1600 cm-1 group of bands due to CC, CN, and CC(inter-ring) stretching vibrations undergoes extensive restructuring between 40 and ∼150 fs, followed by frequency upshifts and a biexponential (0.38, 21 ps) area growth, indicating progressing charge separation in the course of the formation and relaxation of the lowest triplet state. Early (40-150 fs) restructuring was also observed in the low-frequency range for ν(Re-Cl) and δ(Re-C-O) vibrations that are presumably activated by ISC. FSRS experimental innovations employed to measure low- and high-energy Raman features simultaneously are described and discussed in detail.