Herein, a strategy has been executed to reduce the trap states in as‐synthesized CsPbBr3 perovskite quantum dots (PQDs) by using the capping of trioctylphosphine (TOP) which is further evident by the ultrafast spectroscopic technique. Moreover, the excitation source powers and unvarying excitation energy‐dependent studies were carried out to compare the hot carrier (HC) cooling dynamics in the PQDs and TOP‐capped CsPbBr3 PQDs (TOP‐PQDs) to explain the diminution of trap states in TOP‐PQDs. The HC cooling time has been calculated and found that 469.2 fs for PQDs whereas 394.8 fs is for TOP‐PQDs, respectively. From these HC cooling times, it can be concluded that TOP‐PQDs is more capable to intensify the process of HC relaxation from the higher energy states to the conduction band and contribute to suppress the charge trappings that supports the radiative recombination, which demonstrates the enhancement in the PL intensity and PLQY (i. e., 98.8 %). Likewise, and simultaneously at the excitation wavelength e.g., (λexcitation=410nm,3.02eV)
, TOP‐PQDs show an improved ground state bleaching (GSB) intensity signal than PQDs at three excitation source powers (e.g.P=300μW,200μW,and100μW)
in the following order: TOP‐PQDs P=3004ptμW>
PQDs ()P=300μW
, TOP‐PQDsP=2004ptμW>
PQDs()P=200μW
, and TOP‐PQDs P=1004ptμW>
PQDs ()P=100μW
, respectively.