Transient optical heating provides an efficient way to trigger phase transitions in naturally occurring media through ultrashort laser pulse irradiation. A similar approach could be used to induce topological transitions in the photonic response of suitably engineered artificial structures known as metamaterials. Here, we predict a topological transition in the isofrequency dispersion contours of a layered graphene metamaterial under optical pumping. We show that the contour topology transforms from elliptic to hyperbolic within a subpicosecond timescale by exploiting the extraordinary photothermal properties of graphene. This new phenomenon allows us to theoretically demonstrate applications in engineering the decay rate of proximal optical emitters, ultrafast beam steering, and dynamical far-field subwavelength imaging. Our study opens a disruptive approach toward ultrafast control of light emission, beam steering, and optical image processing.