A hexadodecyl‐substituted zinc phthalocyanine covalently linked through a flexible spacer to a fullerene—ZnPc−C60—has been investigated regarding electron transfer from the photoexcited, electron‐donating ZnPc to the electron‐accepting C60. While ground‐state interactions between electron donor and acceptor within ZnPc−C60 could not be detected via steady‐state absorption spectroscopy, clear proof for excited‐state interactions came from steady‐state fluorescence spectroscopy. To this end, the fluorescence in ZnPc−C60 is strongly quenched with quantum yields in THF as low as 0.05. Insight into excited‐state electron‐transfer deactivation within ZnPc−C60 came from time‐resolved femtosecond transient absorption spectroscopy. For example, upon exclusive excitation of the phthalocyanine within the ZnPc−C60 conjugate, a set of transients evolve featuring, on the one hand, the signature of the one‐electron oxidized ZnPc radical cation and, on the other hand, of the one‐electron reduced C60 radical anion. The analysis of the corresponding dynamics in chlorobenzene resulted in lifetimes for charge‐separation and charge‐recombination of 7.4 ps and 2.2 ns, respectively.