We present a theory of out-of-equilibrium ultrafast spin dynamics in magnetic heterostructures based on the s-d model of ferromagnetism. Both in the bulk and across interfaces, the exchange processes between the itinerant s and the localized d electrons are described by kinetic rate equations for electron-magnon spin-flop scattering. The principal channel for dissipation of angular momentum is provided by spin relaxation of the itinerant electrons. Our theory extends interfacial spin phenomena such as torques, pumping, and the Peltier and Seebeck effects to address laser-induced rapid spin dynamics, in which the effective electron temperature may approach or even exceed the Curie temperature.PACS numbers: 72.25. Mk, 72.20.Pa, 75.40.Gb, 72.10.Di Controlling spin flow in magnetic heterostructures at ultrafast time scales using femtosecond (fs) laser pulses opens intriguing possibilities for spintronics [1]. In these experiments the laser-induced perturbations [2] stir up the most extreme regime of spin dynamics, which is governed by the highest energy scale associated with magnetic order: The microscopic spin exchange that controls the ordering temperature (T C ). In contrast, at microwave frequencies the ferromagnetic dynamics in the bulk are well described by the Landau-LifshitzGilbert (LLG) phenomenology [3], which has been successfully applied to the problem of the ferromagnetic resonance (FMR) [4]. At finite temperatures below T C , the spin Seebeck and Peltier effects [5,6] describe the coupled spin and heat currents across interfaces in magnetic heterostructures. These interfacial effects are governed by thermally activated magnetic degrees of freedom with characteristic frequencies that are much higher than the FMR frequency. Despite their different appearances, the microwave, thermal, and ultrafast spin dynamics are all rooted in the exchange interactions between electrons. It is thus natural to try to advance a microscopic understanding of the ultrafast spin dynamics based on the established phenomena at lower energies.Although some attempts have been made [7,8] to extend the LLG phenomenology to describe ultrafast demagnetization in bulk ferromagnets, no firm connection exists between the ultrafast spin generation at interfaces and the microwave spin-transfer and spin-pumping effects [9] or the thermal spin Seebeck and Peltier effects. In this Letter, we unify the energy regimes of microwave, thermal, and ultrafast spin dynamics in magnetic heterostructures from a common microscopic point of view. In the ultrafast regime, rapid heating of itinerant electrons leads to demagnetization of localized spins via electron-magnon spin-flop scattering. The parameters that control the high and low energy limits of spin relaxation originate from the same electronmagnon interactions. In addition to the unified framework, this Letter's unique contributions are the history-dependent, non-thermalized magnon distribution function and the crucial role of the out-of-equilibrium spin accumulation among itinerant electro...