We investigate the propagation dynamics of magneto-elastic waves in an out-of-plane (OP) magnetized film using time-resolved magneto-optical (TRMO) microscopy based on the Cotton-Mouton effect. In OP magnetized films, spin precession induces a temporal change in the in-plane component of magnetization (m), which can be measured through birefringence induced by m, or the Cotton-Mouton effect (CME). Here we develop an imaging method based on CME, realizing the observation of stress-driven magneto-elastic waves in an OP magnetized film. This result expands the focus of TRMO microscopy, allowing investigation of magneto-elastic waves in OP magnetized films.