We describe an experimental set up that measures material optical anisotropy and its eventual evolution in real time. The setup is based on a new photopolarimeter that measures the four Stokes parameters of quasi-monochromatic light quickly and simultaneously. The photoinduced anisotropy in the material optical constants is determined from the measured Stokes parameters. The features of the experimental setup are demonstrated by simultaneous measurement of the photoinduced changes in dichroism and birefringence of layers of rigid solutions of azodyes in polymethyl methacrylate, for which it is known that linearly polarized light orients the dye molecules.