The photoexcited dynamics of order parameter in Peierls chain is investigated by using a microscopic quantum theory in the limit where the hot electrons may establish themselves into a quasi-equilibrium state described by an effective temperature. The optical phonon mode responsible for the Peierls instability is coupled to the electron subsystem, and its dynamic equation is derived in terms of the density matrix technique. Recovery dynamics of the order parameter is obtained, which reveals a number of interesting features including the change of oscillation frequency and amplitude at phase transition temperature and the photo-induced switching of order parameter.