We developed a picosecond transient thermoreflectance (ps-TTR) system for thermal property characterization, using a low-repetition rate picosecond pulsed laser (1064 nm) as heating source and a 532 nm CW laser as probe. Low-repetition rate pump eliminates the complication from thermal accumulation effect. Without the need of a mechanical delay stage, this ps-TTR system can measure thermal decay curve from 500 ps up to 5 µs. Three groups of samples are tested with this ps-TTR system: bulk crystals (Si, GaAs and sapphire); MoS2 thin films (157 nm ~ 900 nm); InGaAs random alloy and GaAs/InAs digital alloy (short period superlattices). Analysis of the thermoreflectance signals show that this ps-TTR system is able to measure both thermal conductivity and interface conductance. The measured thermal conductivity values in bulk crystals, MoS2 thin films and InGaAs random alloy are all consistent with literature values. Crossplane thermal conductivity in MoS2 thin films do not show obvious thickness dependence, suggesting short phonon mean free path along cross-plane direction. Thermal conductivities of GaAs/InAs digital alloys are smaller than InGaAs random alloy, due to the efficient scattering at interfaces. We also discuss the advantages and disadvantages of this newly developed ps-TTR system comparing with the popular timedomain thermoreflectance (TDTR) system.