Hyperspectrally compressed ultrafast photography (HCUP) based on compressed sensing and the time- and spectrum-to-space mappings can simultaneously realize the temporal and spectral imaging of non-repeatable or difficult-to-repeat transient events passively in a single exposure. It possesses an incredibly high frame rate of tens of trillions of frames per second and a sequence depth of several hundred, and plays a revolutionary role in single-shot ultrafast optical imaging. However, due to the ultra-high data compression ratio induced by the extremely large sequence depth as well as the limited fidelities of traditional reconstruction algorithms over the reconstruction process, HCUP suffers from a poor image reconstruction quality and fails to capture fine structures in complex transient scenes. To overcome these restrictions, we propose a flexible image reconstruction algorithm based on the total variation (TV) and cascaded denoisers (CD) for HCUP, named the TV-CD algorithm. It applies the TV denoising model cascaded with several advanced deep learning-based denoising models in the iterative plug-and-play alternating direction method of multipliers framework, which can preserve the image smoothness while utilizing the deep denoising networks to obtain more priori, and thus solving the common sparsity representation problem in local similarity and motion compensation. Both simulation and experimental results show that the proposed TV-CD algorithm can effectively improve the image reconstruction accuracy and quality of HCUP, and further promote the practical applications of HCUP in capturing high-dimensional complex physical, chemical and biological ultrafast optical scenes.