The intrinsic anisotropic optical properties of wurtzite AlN are investigated in absorption and emission. Full access to the anisotropy of the optical response of the hexagonal material is obtained by investigating the (11̅ 00) plane of a high-quality bulk crystal allowing electric field E polarization perpendicular (E⊥c) and parallel (E∥c) to the optical axis c. Spectroscopic ellipsometry yields the ordinary (ɛ⊥) and extraordinary (ɛ∥) dielectric functions (DFs) from 0.58 up to 20 eV. The comparison of the experimental data with recently calculated DFs demonstrates that Coulomb interaction has a strong impact not only on the spectral dependence around the fundamental absorption edge but also on the high-energy features usually discussed in terms of van Hove singularities. The fits of the second-order derivatives of ɛ∥ and ɛ⊥ provide the transition energies for the main features in this range. The DFs close to the fundamental absorption edge, dominated by free excitons, exciton-phonon complexes, and the exciton continuum, are independently confirmed by reflectivity and synchrotron-based photoluminescence excitation studies. Values for the band gaps, the crystal field (Δcf=−221±2 meV), and spin-orbit splittings (Δso=13±2 meV) are obtained. Furthermore, we obtain accurate values for the static dielectric constants of ɛS⊥=7.65 and ɛS∥=9.21, entering, e.g., the calculations of exciton binding energies. Photoluminescence is used to investigate the emission properties of the same sample.