We demonstrate an instrument for time-resolved magnetic imaging that is highly sensitive to the in-plane magnetization state and dynamics of thin-film bilayers of yttrium iron garnet [Y3Fe5O12(YIG)]/Pt: the time-resolved longitudinal spin Seebeck (TRLSSE) effect microscope. We detect the local in-plane magnetic orientation within the YIG by focusing a picosecond laser to generate thermally driven spin current from the YIG into the Pt by the spin Seebeck effect and then use the inverse spin Hall effect in the Pt to transduce this spin current to an output voltage. To establish the time resolution of TRLSSE, we show that pulsed optical heating of patterned YIG (20 nm)/Pt(6 nm)/Ru(2 nm) wires generates a magnetization-dependent voltage pulse of less than 100 ps. We demonstrate TRLSSE microscopy to image both static magnetic structure and gigahertz-frequency magnetic resonance dynamics with submicron spatial resolution and a sensitivity to magnetic orientation below 0.3°/Hz in ultrathin YIG. © 2017 American Physical Society.