We present a laboratory system for single-shot magneto-optical (MO) imaging of ultrafast magnetization dynamics with less than 8 fs temporal, micrometer spatial resolutions and a MO Faraday's rotation sensitivity of 4 mdeg/μm. We create a stack of MO images repeatedly employing a single pair of pump and defocused probe pulses to induce and visualize MO changes in the sample. Both laser beams are independently wavelength-tunable, allowing for a flexible, resonant adjustable two-color pump and probe scheme. To increase the MO contrast, the probe beam is spatially filtered through a 50 μm aperture. We performed the all-optical switching experiment in Co-doped yttrium iron garnet films (YIG:Co) to demonstrate the capability of the presented method. We determine the spatiotemporal distribution of the effective field of photo-induced anisotropy, driving the all-optical switching of the magnetization in the YIG:Co film without an external magnetic field. Moreover, using this imaging method, we tracked the process of the laser-induced magnetization precession.