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Blue organic light-emitting diodes (OLED) suffer from relatively short lifetimes and a comparatively low lighting efficiency. One of the approaches to improving their characteristics is the development of luminophores with the potential for thermally activated delayed fluorescence (TADF). Herein, a set of donor-spacer-acceptor compounds with potential for TADF are designed, synthesized, and computationally and spectroscopically characterized. The excited state dynamics of the most prospective dye is monitored by time-resolved fluorescence and transient absorption spectroscopy. The experimental data are obtained and processed by a newly developed method and supplemented by quantum chemical calculations. The comprehensive approach allowed rationalization of the complex cascade-type photophysical behavior. The most promising emitter is included in an OLED displaying a blue color with a maximum EQE of 4.9% and negligible efficiency roll-off at higher luminance.