The electronic singlet-singlet and singlet-triplet electronic transitions of the isoalloxazine ring of the flavin core are studied using second-order perturbation theory within the framework of the CASPT2//CASSCF protocol. The main features of the absorption spectrum are computed at 3.09, 4.28, 4.69, 5.00, and 5.37 eV. The lowest singlet (S1) and triplet (T1) excited states are found to be both of pi character with a singlet-triplet splitting of 0.57 eV. On the basis of the analysis of the computed spin-orbit couplings and the potential energy hypersurfaces built for the relevant excited states, the intrinsic mechanism for photoinduced population of T1 is discussed. Upon light absorption, evolution of the lowest singlet excited state along the relaxation pathway leads ultimately to the population of the lowest triplet state, which is mediated by a singlet-triplet crossing with a state of npi* type. Subsequently a radiationless decay toward T1 through a conical intersection takes place. The intersystem crossing mechanism and the internal conversion processes documented here provide a plausible route to access the lowest triplet state, which has a key role in the photochemistry of the flavin core ring and is mainly responsible for the reactivity of the system.