Palladium disulfide (PdS2), a noble-metal transition metal dichalcogenide with an unusual puckered orthorhombic structure, is of interest for fundamental research and optoelectronic applications due to its distinctive optical properties. Despite this potential, PdS2 itself remains relatively underexplored. Here, we characterize the steady-state and ultrafast optical properties of multilayer PdS2 film using polarization-dependent Raman and second-harmonic generation microscopy, ellipsometry, and ultrafast differential reflectance. We extract the dielectric function, an indirect bandgap of 1.25 eV and confirm the 2O phase. Ultrafast measurements reveal multi-timescale dynamics, including a two-step decay (370 fs and 1.1 ps) and blueshift during photoinduced carrier relaxation, as well as coherent phonon oscillations of the Ag1 optical mode. Long-lived carrier recombination is described by a biexponential decay with time constants of 240 ps and 2 ns. These results provide insight into the ultrafast dynamics and optoelectronic properties of PdS2, and may open new possibilities for its use in photonic and optoelectronic devices.