Introducing an experimental technique of time-resolved inelastic neutron scattering (TRINS), we explore the time-dependent effects of resonant pulsed microwaves on the molecular magnet Cr
8
F
8
Piv
16
. The octagonal rings of magnetic Cr
3+
atoms with antiferromagnetic interactions form a singlet ground state with a weakly split triplet of excitations at 0.8 meV. A 4.6 tesla field was applied to tune the splitting between two members of the triplet excited level
|
1
⟩
↔
|
2
⟩
to resonance with 105 GHz (0.434 meV) microwaves. The time-dependent occupations of the ground state
|
0
⟩
, lower lying levels
|
1
⟩
and
|
2
⟩
, and higher energy states
|
λ
≥
3
⟩
were extracted during and after 20 s long microwave pulses incident along the (101) direction of a Cr
8
F
8
Piv
16
crystal held at 1.9 K. At significantly elevated spin temperatures, we found underpopulation relative to thermal equilibrium of
|
2
⟩
and spin-lattice thermalization time scales ranging from 1.6(2) s to 5.7(2) s depending on the power level. This contrasts with the relaxation time
τ
1
(
T
→
0
)
=
27
(
5
)
μ
s inferred for
|
2
⟩
from in situ Electron Spin Resonance measurements. By probing a broad range of excited states during intense microwave pumping, TRINS thus provides a first view of long lived excited states in a molecular antiferromagnet.