We introduce a perturbative approximation to the combined density functional theory and multireference configuration interaction (DFT/MRCI) approach. The method, termed DFT/MRCI(2), results from the application of quasi-degenerate perturbation theory (QDPT) and the Epstein–Nesbet partitioning to the DFT/MRCI Hamiltonian matrix. The application of QDPT obviates the need to diagonalize the large DFT/MRCI Hamiltonian; electronic energies are instead obtained as the eigenvalues of a small effective Hamiltonian, affording an orders of magnitude savings in the computational cost. Most importantly, the DFT/MRCI(2) approximation is found to be of excellent accuracy, furnishing excitation energies with a root mean squared deviation from the canonical DFT/MRCI values of less than 0.03 eV for an extensive test set of organic molecules.