In the quest for dynamic multimodal probing of a materials structure and functionality, it is critical to be able to quantify the chemical state on the atomic and nanoscale using element specific electronic and structurally sensitive tools such as electron energy loss spectroscopy (EELS). Ultrafast EELF, with combined energy, time, and spatial resolution in a transmission electron microscope, has recently enabled transformative studies of photo excited nanostructure evolution and mapping of evanescent electromagnetic fields. This article aims to describe the state of the art experimental techniques in this emerging field and its major uses and future applications.