Ultrafast carrier dynamics of pristine bilayer graphene (BLG) and BLG intercalated with FeCl ₃ ( FeCl ₃– G ) , were studied using time-resolved transient differential reflection (ΔR/R) . Compared to BLG, the FeCl ₃– G data showed an opposite sign of ΔR/R , a slower rise time, and a single (instead of double) exponential relaxation. We attribute these differences in dynamics to the down-shifting in the Fermi level in FeCl ₃– G , as well as the formation of numerous horizontal bands arising from the d -orbitals of Fe. Our work shows that intercalation can dramatically change the electronic structure of graphene, and its associated carrier dynamics.