Recognizing the potential of the mixed solvent systems comprising ionic liquid as one of the constituents in real applications, the steady-state and time-resolved fluorescence behavior of C153 has been studied in neat 1-butyl-3-methylimidazolium hexafluorophosphate and its mixtures with nonpolar solvents, namely, toluene and 1,4-dioxane. No significant effect of the cosolvent on the steady-state absorption or fluorescence spectra of C153 in ionic liquid has been observed. Time-resolved fluorescence anisotropy measurements show a decrease of the rotational correlation time of C153 with gradual addition of the cosolvent. Solvation dynamics in ionic liquid-cosolvent mixtures is found to be biphasic, and a decrease of the average solvation time is observed with increasing amount of the cosolvent in solution. The time-zero spectrum of C153 is found to shift toward higher energy with gradual addition of the nonpolar solvent, suggesting that the probe molecule experiences a more nonpolar environment at the early stage of the dynamics in mixed solvents. The blue shift of the time-zero spectrum caused by the addition of the nonpolar solvent results in a larger Stokes shift of the time-dependent spectra due to solvent relaxation in mixed solvents. A comparison of the time-dependent spectral data of the ionic liquid-toluene and ionic liquid-dioxane systems shows that, while a small amount of toluene can significantly affect the dynamics, comparatively, a larger amount of dioxane is required to bring about the same effect. This is explained in terms of favorable interactions between toluene and the imidazolium ring system leading to a more effective solubilization of toluene in the cybotactic region of the probe.