We investigate the dynamics of surface plasmon (SP) lasing in Au gratings fabricated on InGaAs with a period of around 400 nm, which locates the SP resonance near the semiconductor energy gap and facilitates efficient energy transfer. By optically pumping the InGaAs to reach the population inversion required for the amplification and the lasing, we observe SP lasing at specific wavelengths that satisfy the SPR condition depending on the grating period. The carrier dynamics in semiconductor and the photon density in the SP cavity was investigated from the time-resolved pump-probe measurement and the time resolved photoluminescence spectroscopy, respectively. Our results reveal that the photon dynamics is strongly correlated with the carrier dynamics and the lasing build-up is accelerated as the initial gain proportional to the pumping power increases, and this trend is satisfactorily explained using the rate equation model.