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Optical quadratic nonlinearity is ultrafast in nature, while parametric interaction usually manifests only the broadband characteristic. Enormous progress has been made toward broadband phase-matching for parametric amplification and wide applications. In existing devices of broadband parametric amplification, the power efficiency of conversion is restricted to approximately the energy efficiency, and the desire for the signal power enhancement necessitates additional pulse compression after amplification. Here, we demonstrate ultrafast parametric amplification having an extraordinary power efficiency of 1155%; this allows the generation of intense femtosecond pulses without the need for a pulse stretcher and compressor. Direct femtosecond signal amplification by picosecond pumping is enabled by an ultrafast parametric environment in which the pre-delayed signal of faster speed gradually overtakes and effectively depletes the pump of slower speed as they propagate in a nonlinear crystal. The demonstrated technique should lead to breakthroughs in ultrafast lasers as well as applications.