By employing ultrafast transient reflection measurements based on two-color pump-probe spectroscopy, the population and valley polarization dynamics of trions in monolayer MoSe2 were investigated at relatively high excitation densities under near-resonant excitation. Both the nonlinear dynamic photobleaching of the trion resonance and the redshift of the exciton resonance were found to be responsible for the excitation-energy- and density-dependent transient reflection change as a result of many-body interactions. Furthermore, from the polarization-resolved measurements, it was revealed that the initial fast population and polarization decay process upon strong photoexcitation observed for trions was determined by trion formation, transient phase-space filling and the short valley lifetime of excitons. The results provide a basic understanding of the nonlinear dynamics of population and valley depolarization of trions, as well as exciton-trion correlation in atomically thin MoSe2 and other transition metal dichalcogenide materials.