We study the evolution of a single BaRb + molecule while it continuously collides with ultracold Rb atoms. The initially weakly-bound molecule can undergo a sequence of elastic, inelastic, reactive, and radiative processes. We investigate these processes by developing methods for discriminating between different ion species, electronic states, and kinetic ion energy ranges. By comparing the measurements to model calculations we obtain a consistent description of the typical trajectory of the ion through the manifold of available atomic and molecular states. As a further result, we determine rates for collisional and radiative relaxation as well as photodissociation, spin-flip collisions, and chemical reactions.