Using compressed ultrafast photography, it is promising to reveal the transient scattering process of femtosecond laser pulses in a medium with very high temporal resolution. However, based on the two-step iterative shrinkage/thresholding algorithm (Two-step Iterative Shrinkage/Thresholding (TwIST) based compressed ultrafast camera reconstruction suffers from poor image reconstruction quality and unstable results due to the ultra-high data compression rate caused by the under sampling strategy. To overcome these problems, a method is proposed in which the use of Total Variation (TV) combined with a deep denoising network (FastDVDNet) is alternated as a plug-and-play generalized alternating projection frame reconstruction algorithm to improve the image quality of compressed ultrafast photography.Experimental results show that the algorithm proposed in this paper can significantly improve the reconstruction quality of ultrafast image sequences compared to the traditional two-step iterative shrinkage/thresholding algorithm.