Topological materials, characterized by symmetry-protected nontrivial band structures such as Dirac cones and Weyl nodes, exhibit a rich variety of quantum states and novel physical phenomena. These materials hold great promise for applications in quantum transport, spintronics, and nonlinear optics. In recent years, ultrafast pump-probe spectroscopy has become a powerful tool for studying nonequilibrium dynamics in quantum materials. With femtosecond temporal resolution, this technique enables direct observation of charge, spin, orbital, and lattice interactions on their intrinsic timescales, offering new insights into the coupling mechanisms in topological systems. This review summarizes the latest progress in applying ultrafast spectroscopy to topological insulators, topological semimetals, and magnetic topological materials. We first discuss the distinct relaxation pathways of surface and bulk electronic states after photoexcitation, focusing on electron-phonon scattering, surface-bulk charge transfer, and ultrafast spin conversion. We then describe population inversion phenomena in Dirac and Weyl semimetals, spin polarization dynamics induced by tilted Weyl bands, and the influence of magnetic order on topological states, including coherent phonon and magnon excitations, magnetically driven topological transitions, and terahertz pulse generation. Furthermore, we review photoinduced topological phase transitions driven by electronic correlations, lattice distortions, and magnetic order under strong optical fields, highlighting the potential for nonthermal optical control of quantum phases. Finally, we discuss future research directions, emphasizing the integration of multidimensional ultrafast spectroscopic techniques—spanning temporal, energy, momentum, and spin resolution—with advanced theoretical simulations to construct a comprehensive picture of nonequilibrium topological states. This work aims to serve as a reference for studies on the ultrafast dynamics of topological quantum materials and to promote their practical applications in high-speed, low-power information processing, spintronics, and quantum computation.