Laser-induced ultrafast demagnetization in ferrimagnetic Gd x Fe 100−x−y Co y thin films was studied experimentally as a function of Gd concentration (x = 18, 22, 24, 30%, and y ≈ 9-10%), pump fluence, and sample temperature. The results showed that the conditions for full demagnetization at the ultrafast time scale in Gd x Fe 100−x−y Co y thin metal films are easily achieved below the magnetization compensation point (T M ) and, furthermore, when the ratio between Gd and Fe concentrations is not too large. Consequently, the ultrafast demagnetization strongly depends on the initial temperature of these alloys compared to their T M . These results provide further insight into the unconventional ultrafast dynamics of multisublattice metallic magnets.