In this study, the ultrafast optical properties of type-II CdZnS/ZnSe core-shell quantum dots were investigated using the Z-scan and transient absorption technique with femtosecond pulses. With 800-nm wavelength excitation, the CdZnS/ZnSe quantum dots exhibited two-photon absorption, and the two-photon absorption cross section was obtained as about 3.37 × 106 GM. In addition, the transfer time of electrons and the recombination lifetime of a single exciton were obtained. For the photoluminescence of the CdZnS/ZnSe quantum dots at temperatures from 80 to 280 K, the peak position redshifted by 60 meV, width broadened by 3 meV, and intensity decreased by a factor of four.