We present femtosecond pump-probe spectroscopy studies of time-resolved optical reflectivity of all-oxide YBa2Cu3O7/La0.7Sr0.3MnO3 (YBCO/LSMO) superconductor/ferromagnet (S/F) bilayers consisting of a 100-nm-thick YBCO base layer and either 10 or 35 nm LSMO cap thickness. At temperatures far below the YBCO superconducting transition T-C, samples with a 10 nm F overlayer show a photoresponse that is similar to, but faster than, pure-YBCO, 100-nm-thick reference samples, while close to T-C and above (up to similar to 160 K) we observe a signature of both the electronic and spin response that cannot be interpreted as an incoherent sum of contributions from the two layers. The photoresponse of the S/F structures with the 35-nm LSMO layer always qualitatively follows that of the pure LSMO, but with a shorter relaxation time. In all cases, the YBCO/LSMO nonequilibrium dynamics can be modeled using a generalized multitemperature model, which is a superposition of the dynamics of the three-temperature models that are used to describe the superconductor and ferromagnet subsystems, respectively. The long term of the photoresponse signal of the S/F bilayer can be well fitted with the two characteristic relaxation times. DOI: 10.1103/PhysRevB.87.134514