Owing to their extraordinary physical and chemical properties, two-dimensional (2D) materials have aroused extensive attention and have been widely used in photonic and optoelectronic devices, catalytic reactions, and biomedicine. In particular, 2D materials possess a unique bandgap structure and nonlinear optical properties, which can be used as saturable absorbers in ultrafast lasers. Here, we mainly review the top-down and bottom-up methods for preparing 2D materials, such as graphene, topological insulators, transition metal dichalcogenides, black phosphorus, and MXenes. Then, we focus on the ultrafast applications of 2D materials at the typical operating wavelengths of 1, 1.5, 2, and 3 μm. The key parameters and output performance of ultrafast pulsed lasers based on 2D materials are discussed. Furthermore, an outlook regarding the fabrication methods and the development of 2D materials in ultrafast photonics is also presented.