Several new aspects of the complex photophysical behavior of solutions of 9,9'-bianthryl are reported. They have been revealed by the time dependencies of the depolarization of the fluorescence and the photoinduced transient optical absorptions of these solutions, A comparison is provided with the depolarization kinetics in the case of solutions of anthracene. The observed depolarization behavior is interpreted on the basis of a theoretical treatment which is presented in some detail. The main conclusions are summarized at the end of the publication.