Although liquid/liquid and air/liquid interfaces are omnipresent, very little is known up to now about the dynamics of processes occurring at such interfaces. As a detailed understanding of these processes could be of invaluable technological, environmental, and medical importance, considerable effort has been invested over the last two decades in developing new interface-selective techniques that allow for gaining further insight into the dynamics of these processes. Whereas several major results have been achieved that helped to contribute to a deeper understanding, there are still many aspects concerning the properties of liquid interfaces that are not yet fully understood. In this Perspective, the work that has been carried out so far on photoinduced interfacial dynamics will be reviewed and the current challenges in this still emerging field of research discussed.