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Quantum anomalous Hall effect (QAHE) and quantum spin Hall effect (QSHE) are two interesting physical manifestations of 2D materials that have an intrinsic nontrivial band topology. In principle, they are ground-state equilibrium properties characterized by Fermi level lying in a topological gap, below which all the occupied bands are summed to a non-zero topological invariant. Here, we propose theoretical concepts and models of ‘excited’ QAHE (EQAHE) and EQSHE generated by dissociation of an excitonic insulator (EI) state with complete population inversion (CPI), a unique many-body ground state enabled by two yin-yang flat bands (FBs) of opposite chirality hosted in a diatomic Kagome lattice. The two FBs have a trivial gap in between, i.e. the system is a trivial insulator in the single-particle ground-state, but nontrivial gaps above and below, so that upon photoexcitation the quasi-Fermi levels of both electrons and holes will lie in a nontrivial gap achieved by the CPI-EI state, as demonstrated by exact diagonalization calculations. Then dissociation of singlet and triplet EI state will lead to EQAHE and EQSHE, respectively. Realizations of yin-yang FBs in real materials are also discussed. [ABSTRACT FROM AUTHOR]