Inorganic lead halide perovskites are at the frontier of photovoltaic research due to their groundbreaking performance as an absorbing layer in solar cells. Cesium lead chloride (CsPbCl3), known to be a competent material for its blue emission, undergoes subsequent temperature-dependent phase transitions. The photophysical aspects reliant on temperature as well as the phase exhibited by the material are still unknown. Herein, we have studied the temperature- and excitation-energy-dependent underlying photophysics in CsPbCl3 nanocrystals (NCs) employing ultrafast transient absorption (TA) and terahertz (THz) spectroscopy. The direct dependence of carrier relaxation, carrier temperature, and energy loss on the phase transition has been established. Also, to comprehend the outcome of excitation energy, photoconductivity and mobility were determined with the help of optical pump THz probe spectroscopy, and it is established that as the excitation energy is reduced, mobility decay is found to be slow due to diminishing Auger recombination and augmented penetration depth.