Measurements of the picosecond-time-scale dynamics of photoexcited electrons in PbSe nanorods are reported. The intraband (1螤鈫?危) relaxation occurs with a time constant of 500 fs, which corresponds to a fast energy-relaxation rate of 0.6 eV/ps. The biexciton lifetime in PbSe nanorods is significantly (3鈥? times) longer than the lifetime of PbSe quantum dots with the same energy gap, roughly as expected considering the increased volume. The multiexciton lifetimes of PbSe nanorods scale as expected for a bimolecular recombination mechanism. Implications of the observed relaxations will be discussed.