Ultrafast spectroscopy of semiconductor saturable absorber mirror (SESAM) is measured using a femtosecond pump-probe experiment. This allows dynamic responses of SESAM in the cavity to be concluded by ultrafast spectroscopy. Change in reflection is measured as a function of pump-probe delay for different pump excitation fluences. Change of nonlinear reflection of SESAM is measured as a function of incident light energy density. When the excitation fluence increases, nonlinear change in ultrafast spectroscopy of SESAM becomes increasingly significant. When SESAM is pumped by an ultrahigh excitation fluence, the energy density of which is approximately 1400 \mu J/cm², two-photon absorption can be observed visibly in its ultrafast spectroscopy.