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Abstract The future of modern optoelectronics and spintronic devices relies on our ability to control the spin and charge degrees of freedom at ultrafast timescales. Rashba spin-split quantum well states, 2D states that develop at the surface of strong spin-orbit coupling materials, are ideal given the tunability of their energy and spin states. So far, however, most studies have only demonstrated such control in a static way. In this study, we demonstrate control of the spin and energy degrees of freedom of surface quantum well states on Bi₂Se₃at picosecond timescales. By means of a focused laser pulse, we modulate the band-bending, producing picosecond time-varying electric fields at the material’s surface, thereby reversibly modulating the quantum well spectrum and Rashba effect. Moreover, we uncover a dynamic quasi-Fermi level, dependent on the Lifshitz transition of the second quantum well band bottom. These results open a pathway for light-driven spintronic devices with ultrafast switching of electronic phases, and offer the interesting prospect to extend this ultrafast photo-gating technique to a broader host of 2D materials.