The nonlinear optical properties of an InP/ZnS core-shell quantum dot toluene solution were investigated using a Z-scan and transient absorption technique with femtosecond pulses and nanosecond pulses at 532 nm wavelengths, respectively. The research results showed that InP/ZnS core-shell quantum dots exhibited saturated absorption under the excitation of femtosecond pulses, and the switch from saturated absorption to reverse saturated absorption was observed under the excitation of nanosecond pulses. The mechanism of the switch was attributed to excited-state absorption. Moreover, the nonlinear refraction was shown as self-focusing and self-defocusing under the excitation of femtosecond and nanosecond pulses, respectively, which were attributed to the Kerr effect of electrons and the thermal effect of InP/ZnS quantum dots, respectively. The investigations show that InP/ZnS core-shell quantum dots are good materials, and have many potential applications in optical and electrical fields.