Ultrafast lasers have long been used to study the dynamics of fast optical, electronic, and chemical processes in materials. These tools can also be used in a variety of optical pump and probe spectroscopies to generate and detect acoustic signals with frequencies on the order of 100 GHz, and to generate and detect thermal waves with penetration depths on the scale of nanometers. The short wavelengths of these probes make them ideal for the study of the mechanical and thermal properties of thin films, their interfaces, and nanostructures. We describe the picosecond-laser acoustics technique and demonstrate how it can be used to extract the elastic constants and the adhesion of thin films and probe the normal modes of vibration of nanostructures. The thermal properties of thin films are also accessible through time-domain thermo-reflectance. Since the mechanical and thermal properties can be obtained quickly on micrometer-scale regions of a sample, spatial mapping of the properties is also possible.