A marine green alga, Codium fragile, exhibits a characteristic in vivo absorption band of a specific keto-carotenoid, siphonaxanthin, at 535 nm. We examined the ultrafast fluorescence kinetics by direct excitation of this band after purification of light-harvesting complex II. On the basis of a high fluorescence anisotropy (0.39) up to 1 ps and a very short lifetime (60 fs), we identified the 535 nm band as a new electronically excited state (S-x) located between the S-1 and S-2 states. Excited-state dynamics of the S-x state were further discussed in relation to the energy transfer processes in the complexes.