Compressed ultrafast photography (CUP) is a type of two-dimensional (2D) imaging technique to observe ultrafast processes. Intelligence reconstruction methods that influence the imaging quality are an essential part of a CUP system. However, existing reconstruction algorithms mostly rely on image priors and complex parameter spaces. Therefore, it usually takes a lot of time to obtain acceptable reconstruction results, which limits the practical application of the CUP. In this paper, we proposed a novel reconstruction algorithm named PnP-FFDNet, which can provide a high quality and high efficiency compared to previous methods. First, we built a forward model of the CUP and three sub-optimization problems were obtained using the alternating direction multiplier method (ADMM), and the closed-form solution of the first sub-optimization problem was derived. Secondly, inspired by the PnP-ADMM framework, we used an advanced denoising algorithm based on a neural network named FFDNet to solve the second sub-optimization problem. On the real CUP data, PSNR and SSIM are improved by an average of 3 dB and 0.06, respectively, compared with traditional algorithms. Both on the benchmark dataset and on the real CUP data, the proposed method reduces the running time by an average of about 96% over state-of-the-art algorithms, and show comparable visual results, but in a much shorter running time.