  Photo-excited state in correlated electron system with spin-state degree of
freedom is studied. We start from the two-orbital extended Hubbard model where
energy difference between the two orbitals is introduced. Photo-excited
metastable state is examined based on the effective model Hamiltonian derived
by the two-orbital Hubbard model. Spin-state change is induced by
photo-irradiation in the low-spin band insulator near the phase boundary.
High-spin state is stabilized by creating a ferromagnetic bound state with
photo-doped hole carriers. An optical absorption occurs between the bonding and
antibonding orbitals inside of the bound state. Time-evolution for
photo-excited states is simulated in the time-dependent mean-field scheme.
Pair-annihilations of the photo-doped electron and hole generate the high-spin
state in a low-spin band insulator. We propose that this process is directly
observed by the time-resolved photoemission experiments.
