Singlet-to-triplet intersystem crossing (ISC) and photoinduced electron transfer (PET) of platinum(II)-containing diketopyrrolopyrrole (DPP) oligomers in the presence and absence of tetracyanoethylene (TCNE), a strong electron-acceptor, were investigated using femtosecond and nanosecond transient absorption spectroscopy with broadband capabilities. The effect of incorporating platinum(II) in the photophysical properties of DPP molecule was evaluated by comparing the excited-state dynamics of DPP with and without Pt metal centers. Steady-state measurements reveal that platinum(II) incorporation greatly facilitates interactions between DPP-Pt(acac) and TCNE, resulting in the formation of charge transfer (CT) complexes. In the absence of TCNE, the transient absorption spectra revealed ultrafast ISC of DPP-Pt(acac) followed by a long-lived triplet state; however, in the presence of TCNE, PET from the excited DPP-Pt(acac) and from DPP to TCNE formed radical ion pairs. We measured an ultrafast PET from DPP-Pt(acac) to TCNE (i.e., a picosecond regime) that was much faster than that from DPP to TCNE (i.e., nanosecond time scale), which is a diffusion-controlled process. Our results provide clear evidence that the PET rate is eventually controlled by the platinum(II) incorporation.