Picosecond bleaching dynamics of vertically stacked self-assembled quantum dots (QDs) is investigated by means of time-resolved pump-probe differential reflection spectroscopy (TRDR) at room temperature (RT). We observe that the absorption spectrum, which represents the QD density of states at RT, is strongly shifted with respect to the photoluminescence spectrum. This shift can not be interpreted by carrier emission and re-trapping alone. TRDR allows us to study the dynamics of the pump generated carriers within the QDs. From the time-resolved measurements, we detect that the bleaching decay time has a strong energy dependence and is dominated by radiative and nonradiative recombination at low energy and by carrier emission at high energy.