Due to strong Coulomb interactions, two-dimensional (2D) semiconductors can support excitons with large binding energies and complex many-particle states. Their strong light-matter coupling and emerging excitonic phenomena make them potential candidates for next-generation optoelectronic and valleytronic devices. The relaxation dynamics of optically excited states are a key ingredient of excitonic physics and directly impact the quantum efficiency and operating bandwidth of most photonic devices. Here, we summarize recent efforts in probing and modulating the photocarrier relaxation dynamics in 2D semiconductors. We classify these results according to the relaxation pathways or mechanisms they are associated with. The approaches discussed include both tailoring sample properties, such as the defect distribution and band structure, and applying external stimuli such as electric fields and mechanical strain. Particular emphasis is placed on discussing how the unique features of 2D semiconductors, including enhanced Coulomb interactions, sensitivity to the surrounding environment, flexible van der Waals (vdW) heterostructure construction, and non-degenerate valley/spin index of 2D transition metal dichalcogenides (TMDs), manifest themselves during photocarrier relaxation and how they can be manipulated. The extensive physical mechanisms that can be used to modulate photocarrier relaxation dynamics are instrumental for understanding and utilizing excitonic states in 2D semiconductors.