Thylakoid membrane preparations of super high-yield hybrid rice (Oryza sativa L.), Liangyoupeijiu (P9) and Shanyou 63 (SH 63) were used for investigating its spectral and time properties by using picosecond time-resolved fluorescence spectrum measuring system. The thylakoid membrane preparations of P9 and SH 63 were excited by an Ar+ laser with a pulse width of 120 ps, repetition rate of 4 MHz and wavelength of 514 nm. The time constants of the excited energy transfer in these two varieties at flowering stage and grain filling stage were calculated from the experimental data. Based on the comparative studies of the time and spectral properties of the excited fluorescence in these ultrafast dynamic experiments the following was found: at both the flowering stage and grain filling stage, the speed of the excitation energy transfer, in photosystem was faster than that in photosystem II in P9 variety; and the speed of the excitation energy transfer at grain filling stage was faster than those at flowering stage for both rice varieties; the experiments also implied that the components and assembly of pigments in SH 63, but not in P9, changed during the process from flowering stage to grain filling stage for in these two rice varieties.