We present STARRED, a point-spread function (PSF) reconstruction, two-channel deconvolution, and light-curve extraction method designed for high-precision photometric measurements in imaging time series. An improved resolution of the data is targeted rather than an infinite one, thereby minimizing deconvolution artifacts. In addition, STARRED performs a joint deconvolution of all available data, accounting for epoch-to-epoch variations of the PSF and decomposing the resulting deconvolved image into a point source and an extended source channel. The output is a high-signal-to-noise-ratio, high-resolution frame combining all data and the photometry of all point sources in the field of view as a function of time. Of note, STARRED also provides exquisite PSF models for each data frame. We showcase three applications of STARRED in the context of the imminent LSST survey and of JWST imaging: (i) the extraction of supernovae light curves and the scene representation of their host galaxy; (ii) the extraction of lensed quasar light curves for time-delay cosmography; and (iii) the measurement of the spectral energy distribution of globular clusters in the Sparkler, a galaxy at redshift z=1.378 strongly lensed by the galaxy cluster SMACS J0723.3-7327. STARRED is implemented in JAX, leveraging automatic differentiation and GPU acceleration. This enables rapid processing of large time-domain datasets, positioning the method as a powerful tool for extracting light curves from the multitude of lensed or unlensed variable and transient objects in the Rubin-LSST data, even when blended with intervening objects.