Ultrafast electronic and structural dynamics of matter govern rate and selectivity of chemical reactions, as well as phase transitions and efficient switching in functional materials. Since x-rays determine electronic and structural properties with elemental, chemical, orbital and magnetic selectivity, short pulse x-ray sources have become central enablers of ultrafast science. Despite of these strengths, ultrafast x-rays have been poor at picking up excited state moieties from the unexcited ones. With time-resolved anti-Stokes resonant x-ray Raman scattering (AS-RXRS) performed at the LCLS, and ab initio theory we establish background free excited state selectivity in addition to the elemental, chemical, orbital and magnetic selectivity of x-rays. This unparalleled selectivity extracts low concentration excited state species along the pathway of photo induced ligand exchange of Fe(CO) 5 in ethanol. Conceptually a full theoretical treatment of all accessible insights to excited state dynamics with AS-RXRS with transform-limited x-ray pulses is given-which will be covered experimentally by upcoming transform-limited x-ray sources.With the rapid evolution of sub-picosecond and femtosecond x-ray sources and particularly with the emergence x-ray free-electron lasers, first steps to join the unique electronic structure information of x-ray spectroscopy with the ultrafast time scale of dynamics in matter have been taken [1][2][3][4][5][6][7][8]. Often though, time resolved x-ray spectroscopy at these dilute transient species with x-ray absorption, x-ray fluorescence or electron spectroscopy suffer often from the difficult separation between the overlapping spectral signatures of the dilute excited state species and the ground state. To reach improved chemical selectivity with x-ray lasers nonlinear and OPEN ACCESS RECEIVED