Au nanoparticles exhibited both negative and positive nonlinear absorptions with ground-state plasmon bleaching and free-carrier absorption that could be origins of the saturable and reverse-saturable optical properties. Au/Ag coreshells displayed only positive nonlinear absorption and reverse-saturable optical properties as a function of excitation intensity at the edge of surface-plasmon resonance, which implies no ground-state plasmon bleaching and the existence of two-photon absorption.