The availability of femtosecond pulsed‐laser sources in combination with the development of time‐resolved and sensitive magneto‐optical schemes, have paved the way toward the exploration of the dynamics of spin systems at ultimate time scales. This chapter focuses on the exploration of subpicosecond processes in itinerant ferromagnet systems, which after a decade of research has now become an exciting and mature field of research. Both the potential and limitations of the experimental techniques, mostly concentrating on all‐optical approaches, and the subtle relation with processes being probed are being explained. The main part, though, is devoted to a review of experimental efforts and the physical insight that has emerged for the complementary spin‐dependent processes being investigated: populational dynamics (including state‐filling effects such as dichroic bleaching and direct transfer of angular momentum from the laser field), loss of magnetic order after laser heating, laser‐induced modification of anisotropy (including dynamics of exchange‐coupled systems)–triggering precessional phenomena, and the very recently discovered possibility to generate magnetic order at ultrafast timescales by driving metamagnetic phase transitions.