We demonstrate a high-performance ultrafast broadband time-resolved photoluminescence (TRPL) system based on the transient grating photoluminescence spectroscopy (TGPLS) technique. The core of the system is a Kerr effect-induced transient grating (TG) optical gate driven by high repetition rate ultrashort laser pulses at 1030 nm with micro-Joule pulse energy. Satisfying the demands of spectroscopy applications, the setup achieves high sensitivity, rapid data acquisition, ultrafast time resolution, and a wide spectral window from ultraviolet to near-infrared. The time resolution can be further improved to achieve <80 fs instrument response function by employing the multiple plate compression (MPC) technique to temporally compress the driving pulses. This work presents a new benchmark for ultrafast TRPL.