The photochemistry and photodissociation dynamics of the allyl radical upon ultraviolet (UV) excitation is investigated in a molecular beam by using time- and frequency-resolved photoionization of hydrogen atoms with Lyman-alpha-radiation. The UV states of allyl decay by internal conversion to the ground state, forming vibrationally hot radicals that lose hydrogen atoms on a nanosecond time scale. Two channels are identified, formation of allene directly from allyl, and isomerization from allyl to 2-propenyl, with a subsequent hydrogen loss, resulting in both allene and propyne formation. The branching ratio is between 2:1 and 3:1, with direct formation of allene being the dominant reaction channel. This channel is associated with site-selective loss of hydrogen from the central carbon atom, as observed in experiments on isotopically labeled radicals. Ab initio calculations of the reaction pathways and Rice-Ramsperger-Kassel-Marcus (RRKM) calculations of the rates are in agreement with the mechanism and branching ratios. From the measured Doppler profiles a translational energy release of 14+/-1 kcal/mol is calculated. The calculated value of 66 kcal/mol for the barrier to the 1,2 hydrogen shift from allyl radical to 2-propenyl is confirmed by the experimental data.