Relaxation processes in ZnSe quantum dots upon excitation by a 30-fs pulse at a wavelength of 360 nm have been studied by broadband femtosecond absorption spectroscopy. The diameter of ZnSe nanoparticles was 3.7 ± 0.6 nm. A colloidal solution of ZnSe in cyclohexane was used. In the differential spectra, a bleaching band at the edge of the excitonic absorption band of ZnSe, an absorption band of the biexcitonic transition with a peak at about 420 nm, and a broad structureless absorption band in the region from 440 to 750 nm have been revealed. From the analysis of the absorption and luminescence spectra, the shift of the excitonic luminescence band δ XX = 127 meV has been measured. From the femtosecond photolysis data, an estimate of the biexcitonic interaction Δ XX ≈ 75 meV has been obtained. It has been shown that the relaxation kinetics of the differential spectra is described by three-exponential dependences with time constants and corresponding amplitude contributions of 1 ps (42%), 13 ps (22%), and 91 ps (17%). The kinetic component of 1 ps (42%) is presumably due to hole transport to surface traps. The kinetic components of 13 ps (22%) and 91 ps (17%) apparently describe the processes of electron transport to shallow and deep traps.