We use density-matrix theory to calculate the ultrafast dynamics of unconventional superconductors from a microscopic viewpoint. We calculate the time evolution of the optical conductivity as well as pump-probe spectra for a d-wave order parameter. Three regimes can be distinguished in the spectra. The Drude response at low photon energies is the only one of those which has been measured experimentally so far. At higher energies, we predict two more regimes: the pair-breaking peak, which is reduced as Cooper-pairs are broken up by the exciting pulse; and a suppression above the pair-breaking peak due to nonequilibrium quasiparticles. Furthermore, we consider the influence of the electron-phonon coupling, and derive rate equations which have been widely used so far.