At photo-ionization of liquid water, its inherent species such as hydroxonium cation and hydroxide anion are considered in the band theory as electron acceptor and its donor respectively with forming their excited radicals. In this case, there are also other carriers for hydrated electrons and holes like negatively and positively onecharged molecular pairs that are nonequilibrium to each other and in attitude to mentioned radicals. Here offered model of 4 electron transitions between these natural species gives good consent with the experimental data for absorption spectrum of hydrated electrons in the bulk of liquid water