The dynamic control of magnetization by short laser pulses has recently attracted interest. The transient magnetization at the metallic magnetic interface has been investigated through second-harmonic generation and the time-resolved magneto-optical effect. However, the ultrafast light-driven magneto-optical nonlinearity in ferromagnetic heterostructures for terahertz (THz) radiation remains unclear. Here, we present THz generation from a metallic heterostructure, Pt/CoFeB/Ta, which is ascribed to an ∼6-8% contribution from the magnetization-induced optical rectification and an ∼94-92% contribution from both spin-to-charge current conversion and ultrafast demagnetization. Our results show that THz-emission spectroscopy is a powerful tool to study the picosecond-time-scale nonlinear magneto-optical effect in ferromagnetic heterostructures.