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The magnitude and temporal evolution of the quantum-state renormalization (QSR), or the energetic shifting of the quantum-confinement states caused by photoexcitation and changes in electron screening, were probed in transient absorption (TA) spectroscopy measurements of colloidal semiconductor nanoparticles. Experiments were performed on high- and lower-quality wurtzite CdTe quantum wires (QWs) with photoluminescence quantum yields of 8.8% and ∼0.2% using low-excitation fluences. The QSR shifts the spectral features to lower energies in both samples, with larger shifts measured in the high-quality QWs. The TA spectral features measured for both samples shift uniquely with time after photoexcitation, illustrating dynamic QSR that depends on the quantum-confinement states and on the states occupied by carriers. The higher fraction of carriers that reach the band-edge states in the high-quality QWs results in larger renormalization, with the energies of the band-edge states approaching the Stokes shift of the steady-state photoluminescence feature below the band-edge absorption energy. The intraband relaxation dynamics of charge carriers photoexcited in semiconductor nanoparticles was also characterized after accounting for contributions from QSR in the TA data. The intraband relaxation to the band-edge states was slower in the high-quality QWs than in the lower-quality QWs, likely due to the reduced number of trap states accessible. The contrasting relaxation time scales provide definitive evidence for a dependence of the photoluminescence efficiency on excitation energy. These studies reveal the complicated interplay between the energetics and relaxation mechanisms of carriers within semiconductor nanoparticles, even those with the same dimensionality.