A series of Pd1-xFex alloy epitaxial films (x = 0. 0.038. 0.062. and 0.080). a material promising for superconducting spintronics, was prepared and studied with ultrafast optical and magneto-optical laser spectroscopy in a wide temperature range of 4-300 K. It was found that the transition to the ferromagnetic state causes a qualitative change of both the reflectivity and the magneto-optical Kerr effect transients. A nanoscale magnetic inhomogeneity of the ferromagnet/paramagnet type inherent in the palladium-rich Pd1-xFex alloys reveals itself through the occurrence of a relatively slow. 10-25 ps. photoinduced demagnetization component following a subpicosecond one; the former vanishes at low temperatures only in the x = 0.080 sample. We argue that the 10 ps timescale demagnetization originates most probably from the diffusive transport of d electrons under the condition of nanoscale magnetic inhomogeneities. The low-temperature fraction of the residual paramagnetic phase can be deduced from the magnitude of the slow reflectivity relaxation component. It is estimated as ≈30% for x = 0.038 and ≈15% for x = 0.062 films. The minimal iron content ensuring the magnetic homogeneity of the ferromagnetic state in the Pd1-xFex alloy at low temperatures is about 7-8 atom %.