We present a time-resolved optical study of the dynamics of carriers and phonons in Ga_{1-x}Mn_{x}As layers for a series of Mn and hole concentrations. While band filling is the dominant effect in transient optical absorption in low-temperature-grown (LT) GaAs, band gap renormalization effects become important with increasing Mn concentration in Ga_{1-x}Mn_{x}As, as inferred from the sign of the absorption change. We also report direct observation on lattice vibrations in Ga1-xMnxAs layers via reflective electro-optic sampling technique. The data show increasingly fast dephasing of LO phonon oscillations for samples with increasing Mn and hole concentration, which can be understood in term of phonon scattering by the holes.