Methyl ammonium lead iodide has become a burgeoning class of hybrid halide perovskites of solution-processed semiconductors. Advancements in its processing and characterization underscore structural, optical, and electronic properties. They have led to the development of perovskite solar cells, photo detectors, lasers, and photo diodes with power conversion efficiencies mature to be classified as first and second-generation technologies. Characterizing forms an integral understanding the operating principles and fundamental limitations for optoelectronics applications. Studies outlined in this paper covers CH3NH3PbI3 using time-resolved pump-probe spectroscopy, X-ray diffractometry, spectrophotometry and other measurements. Thus this investigatiosn may serve as principle tool in analyzing excited state decay kinetics and optical nonlinearities in CH3NH3PbI3 thin films. It is demonstrated herein that non-resonant photoexcitation yields a large fraction of free carriers on a sub-picosecond time scale. If applied in practical optoelectronic applications then any photogenerated carriers may travel long carrier lengths before they are extracted to realize large external quantum efficiencies and efficient charge extraction. The optical constants of CH3NH3PbI3 are interpreted using ab initio calculations through models. Findings show good agreement between the optical constants derived from QSGW and those from related literature. Transition from the highest valence band (VB) to the lowest conduction band (CB) was found to be responsible for almost all the optical responses between 1.2 and 5.5 eV. It was concluded that optical constants and energy band diagrams of CH3NH3PbI3 can be used to simulate the contributions from different optical transitions to a typical transient absorption spectrum for many optoelectronic applications.