Atomically thin van der Waals magnetic materials have not only provided a fertile playground to explore basic physics in the two-dimensional (2D) limit but also created vast opportunities for novel ultrafast functional devices. Here we systematically investigate ultrafast magnetization dynamics and spin wave dynamics in few-layer topological antiferromagnetic MnBi2Te4 crystals as a function of layer number, temperature, and magnetic field. We find laser-induced (de)magnetization processes can be used to accurately track the distinct magnetic states in different magnetic field regimes, including showing clear odd–even layer number effects. In addition, strongly field-dependent AFM magnon modes with tens of gigahertz frequencies are optically generated and directly observed in the time domain. Remarkably, we find that magnetization and magnon dynamics can be observed in not only the time-resolved magneto-optical Kerr effect but also the time resolved reflectivity, indicating strong correlation between the magnetic state and electronic structure. These measurements present the first comprehensive overview of ultrafast spin dynamics in this novel 2D antiferromagnet, paving the way for potential applications in 2D antiferromagnetic spintronics and magnonics as well as further studies of ultrafast control of both magnetization and topological quantum states.