Using femtosecond time-resolved resonant magnetic x-ray diffraction at the Ho L 3 absorption edge, we investigate the demagnetization dynamics in antiferromagnetically ordered metallic Ho after femtosecond optical excitation. Tuning the x-ray energy to the electric dipole (E1, 2p → 5d) or quadrupole (E2, 2p → 4f) transition allows us to selectively and independently study the spin dynamics of the itinerant 5d and localized 4f electronic subsystems via the suppression of the magnetic (2 1 3-τ) satellite peak. We find demagnetization time scales very similar to ferromagnetic 4f systems, suggesting that the loss of magnetic order occurs via a similar spin-flip process in both cases. The simultaneous demagnetization of both subsystems demonstrates strong intra-atomic 4f-5d exchange coupling. In addition, an ultrafast lattice contraction due to the release of magneto-striction leads to a transient shift of the magnetic satellite peak. DOI: 10.1103/PhysRevLett.116.257202 The manipulation of magnetic order by ultrashort light pulses is of fundamental interest in solid state research and promises high technological relevance. Since the discovery of the demagnetization of Ni in <1 ps almost two decades ago [1], the ultrafast magnetization dynamics of ferromagnetic systems has been intensely studied both experimentally and theoretically [2-6]; for a review see Refs. [7,8]. In particular, the phenomenon of ultrafast magnetization reversal recently observed in ferrimagnetic lanthanide transition metal intermetallics [8][9][10][11][12][13] has attracted much attention. In these materials a complex interaction between localized f moments in the rare-earth ions and the itinerant transition metal d electrons is thought to enable the reversal of the magnetic moment on subpicosecond time scales. The interaction leads to several unexpected phenomena such as a transient ferromagnetic state in FeCoGd [10] and ultrafast angular momentum transfer between different volumes within an inhomogeneous ferrimagnetic alloy [12].In the rare-earth metals, the magnetic exchange interaction between the large localized moments of the open 4f shells is mediated by the indirect Ruderman-Kittel-KasuyaYosida (RKKY) interaction via the itinerant 5d6s electrons, leading to a parallel alignment of the two subsystems. Depending on the details of the band structure, this interaction results in a variety of magnetically ordered ground states, ranging from ferromagnetic alignment in Gd and Tb to complex antiferromagnetic (AFM) structures in the heavier rare earths. As optical excitation directly interacts with the valence electrons and not with the localized 4f states, these systems present an ideal case to study the 4f-5d interaction directly in the time domain by separately investigating the dynamics of these two subsystems. While early experiments using x-ray magnetic circular dichroism (XMCD) and the magneto-optical Kerr effect (MOKE) on the ferromagnetic lanthanides Gd and Tb found similar demagnetization time scales of 4f and 5d electrons [14], more...