The talk reviews our recent investigations on the coupled carrier, phonon, and photon dynamics in optically excited graphene. Performing time-, momentum-, and angle-resolved calculations, we obtain a microscopic view on distinct ultrafast phenomena in graphene : (i) We show the appearance of a highly anisotropic carrier population and discuss its impact on polarization-sensitive differential transmission. (ii) We predict significant Auger-induced carrier multiplication in the low excitation regime. Applying strong magnetic fields, we even demonstrate both in theory and experiment the predominant role of Auger scattering in Landau-quantized graphene. (iii) In strong excited graphene, we show the appearance of a phonon-induced population inversion and investigate the applicability of graphene as novel gain medium for broadband lasers.