Single-wall carbon nanotubes (SWNTs) have been extensively explored as an ultrafast nonlinear optical material. However, due to the numerous electronic and morphological arrangements, a simple and self-contained physical model that can unambiguously account for the rich photocarrier dynamics in SWNTs is still absent. Here, by performing broadband degenerate and non-degenerate pump-probe experiments on SWNTs of different chiralities and morphologies, we reveal strong evidences for the existence of bandgap renormalization in SWNTs. In particularly, it is found that the broadband transient response of SWNTs can be well explained by the combined effects of Pauli blocking and bandgap renormalization, and the distinct dynamics is further influenced by the different sensitivity of degenerate and non-degenerate measurements to these two concurrent effects. Furthermore, we attribute optical-phonon bath thermalization as an underlying mechanism for the observed bandgap renormalization. Our findings provide new guidelines for interpreting the broadband optical response of carbon nanotubes.