. Pump-probe transient spectroscopy is one of the most powerful methods to discriminate the ultrafast dynamics of the optically prepared e-h plasma, excitons and the subsequent spin dynamics of local magnetic moments [2][3][4]. In this work, we studied the formation and relaxation dynamics of the exciton interacting with the local spin system of magnetic ions in DMS quantum wells (QWs) by using transient pump-probe spectroscopy in magnetic fields. The study reveals the dynamical band-gap renormalization (BGR) due to the exchange-correlation of the dense carriers, the formation of excitonic magnetic polaron (EMP) and the long-lived feature of the spin alignment for the magnetic ions within EMPs.