A femtosecond laser could realize a high transition rate of the phase change material (PCM), and the properties of the amorphous and the crystalline Ge2Sb2Te5 (GST) induced by a femtosecond laser were studied, which was one of the candidates among the PCMs. However, the characteristics of the intermediate phase states in reversible phase transitions were also important and helpful to explore the mechanisms of the phase transitions. In this paper, the ultrafast dynamics of amorphous, crystalline face-centered-cubic (FCC), and hexagonal-close-packed (HCP) states were investigated using a femtosecond laser pulse excitation through a reflective-type pump–probe technique, obtained by annealing at certain temperatures, and verified using X-ray diffraction (XRD) and the Raman spectrum. It was found that as the annealing temperature increased, the electron of the GST films could be excited more easily, while the ablation threshold decreased. Due to annealing, the structure of bonding was changed for different phase states, which resulted in the decrease in the band gap of the films. In addition, it was hard for the intermediate state films to transit to the amorphous structure state via the femtosecond laser, and the crystallization would be enhanced, while the crystalline HCP structures of GST could be directly and easily changed to the amorphous state by a pulse, which resulted from the non-thermal phase change caused by the excited electron.