Recent studies have demonstrated that solvation dynamics in many common dipolar liquids contain an initial, ultrafast Gaussian component which may contribute even more than 60% to the total solvation energy. It is also known that adiabatic electron transfer reactions often probe the high-frequency components of the relevant solvent friction (Hynes, J. T. J. Phys. Chem. 1986, 90, 3701). In this paper, we present a theoretical study of the effects of the ultrafast solvent polar modes on the adiabatic electron transfer reactions by using the formalism of Hynes. Calculations have been carried out for a model system and also for water and acetonitrile. It is found that, in general, the ultrafast modes can greatly enhance the rate of electron transfer, even by more than an order of magnitude, over the rate obtained by using only the slow overdamped modes usually considered. For water, this acceleration of the rate can be attributed to the high-frequency intermolecular vibrational and librational modes. For a weakly adiabatic reaction, the rate is virtually indistinguishable from the rate predicted by the Marcus transition state theory. Another important result is that even in this case of ultrafast underdamped solvation, energy diffusion appears to be efficient so that electron transfer reaction in water is controlled essentially by the barrier crossing dynamics. This is because the reactant well frequency is-directly proportional to the rate of the initial Gaussian decay of the solvation time correlation function. As a result, the value of the friction at the reactant well frequency rarely falls below the value required for the Kramers turnover except when the polarizability of the water molecules may be neglected. On the other hand, in acetonitrile, the rate of electron transfer reaction is found to be controlled by the energy diffusion dynamics, although a significant contribution to the rate comes also from the barrier crossing rate. Therefore, the present study calls for a need to understand the relaxation of the high-frequency modes in dipolar liquids.