Time-resolved optical absorption spectra of ZnO epitaxial thin films have b
een measured by using a pump-probe technique with subpicosecond time resolu
tion. We have observed following three structures in the differential absor
ption spectra: saturation of the exciton absorption, bandgap renormalizatio
n and optical gain. The optical gain is thought to be due to electron-hole
plasma. From the temporal changes of these structures, the dynamical proper
ties of the photo-excited carriers are discussed.