Ultrafast processes that occur upon the absorption of photons by a material frequently play important roles in the efficiency of a desired energy conversion or photocatalytic outcome. For example, energetic carriers produced upon photoexcitation of plasmonic systems can quickly dissipate energy through electron scattering processes on femtosecond timescales, followed by electron-phonon coupling on picosecond timescales. Once the carriers are thermalized, less energy is available to drive a charge separation or photocatalytic process. At the same time, there are number of handles with which to improve the efficiency of photoinduced processes, and ultrafast spectroscopy can be used to characterize that improvement. Nanostructuring, for example, can produce higher efficiency of photocatalytic processes as free charges are more likely to reach a surface following photoexcitation, and local anisotropies at the surface can drive electromagnetic field enhancements and the greater production of “hot” electrons. Hybridization of differing materials is also a powerful handle with which to manipulate or improve charge separation and photocatalytic outcomes. New materials can lead to greater robustness under illumination, as well as lead to changes in dissipation processes. In this talk, I describe recent efforts to characterize novel nanostructures of interest for plasmonics and energy conversion via ultrafast spectroscopy, as well as explore the ultrafast dissipation processes in refractory plasmonic nanomaterials. Particular attention is paid to dissipation of energy to the local environment of the nanoparticles as well as to ultrafast electron scattering processes. Hybrid nanostructures are also explored. Work performed at the Center for Nanoscale Materials, a U.S. Department of Energy Office of Science User Facility, was supported by the U.S. DOE, Office of Basic Energy Sciences, under Contract No. DE-AC02-06CH11357.