Polyaniline is a family of polymers whose electronic and optical properties can be controlled through variation of the number of electrons and protons on the polymer chain. For example, the emeraldine base form of the polymer (EB) is insulating while the emeraldine salt form (ES) is metallic. We present here results for photoinduced absorption spectroscopy of the emeraldine base form of polyaniline. Unlike earlier studied polymers, the spectrum of emeraldine base contains both subgap photoinduced bleaching (at 1.8 eV) and photoinduced absorption (at 0.9, 1.4, and 3.0 eV). The existence of the bleaching peak is consistent with a model of optically excited localized molecular excitons in the emeraldine base polymer. The energies of the three photoinduced absorptions peaks and an associated interband bleaching (at energies greater than ∼3.5 eV) are in agreement with the photogeneration of polaron pairs. Laser intensity studies support that the excitons decay monomolecularly while the polarons decay bimolecularly. Picosecond time-resolved spectroscopy of the exciton decay demonstrates the rapid response of this system.