Absorption spectra of the photoexcited (eta(2)-C-60)Pd(PPh(3))(2) complex in benzane were obtained by picosecond and nanosecond laser photolysis. The spectra are compared with those observed for photoexcited states of fullerene C-60 and charge-transfer states of C-60 complexes with ternary amines. The relaxation of excited (eta(2)-C-60)Pd(PPh3)2 complex has three components with characteristic lifetimes tau(1) = 43 ps, tau(2) = 1500 ps, and tau(3) = 1.17 mu s. The results are discussed in terms of the four-level scheme of the excited complex.