We report on the measurements of nonequilibrium carrier dynamics in monocrystalline diamond prepared by the chemical vapor deposition (CVD) technique. Nonlinearly excited laser-induced transient grating (LITG) and time-resolved photoluminescence (PL) were used for investigation of carrier diffusion and recombination. Diffusion constant was observed to be strongly dependent on the sample temperature and carrier density (D = 2.5–35 cm2 s−1) what was explained in terms of the density dependent carrier-carrier scattering. The new method based on the time-resolved PL was proposed for measuring the diffusion and recombination dynamics of excitons. The measured exciton lifetime τFE = 700–800 ns was temperature independent between 100 and 295 K.