We demonstrate an ultrafast reversible modulation of resonant terahertz (THz) response in strongly photoexcited metamaterials. The transient spectral-temporal response of the dipole transition ∼1.6 THz exhibits a distinct non-monotonic variation as a function of pump fluence. The transition energy shift, strength, spectral width, and density-dependent ultrafast relaxation manifest a remarkable re-emergence of the transmission dip after initial quenching. Our simulations, incorporating the first-order diffraction from the photoinduced transient grating, reproduce the salient features, providing a new avenue for designing nonlinear and frequency-agile THz modulators.