The decarboxylation reaction of KP in different acetonitrile-water mixtures producing a carbanion or biradical intermediate is investigated by using femtosecond transient absorption and nanosecond time-resolved resonance Raman spectroscopies to unveil the mechanism of the photochemistry of KP. The irradiation of either the neutral or anion forms of KP leads to the excited singlet state KP species transforming into a corresponding triplet state KP species via a highly efficient intersystem crossing, and then, a triplet state mediated decarboxylation reaction occurs to generate a carbanion intermediate in the phosphate buffer solutions or a biradical species in the water-rich or acidic solutions examined here.