Picosecond time-resolved resonance Raman spectroscopy has been used to study the photochemistry of Cr(CO$)_6$ in cyclohexane following photoexcitation at 266 nm. Photodissociative loss of CO is found to occur within our pulse width of ${leq}$5 ps by probing the 533 c$m^{-1}$ vibrational mode of ground state Cr(CO$)_6$. The subsequent dynamics after photodissociation are interpreted in terms of solvation, vibrational and electronic relaxations. The vibrational relaxation time of 100 ps and 83 ps are observed by monitoring v=O and v=l of the 381 c$m^{-1}$ transient mode, respectively. No evidence was found for solvation and electronic relaxation occurring on a time scale of ${leq}$5 ps.