A theoretical approach is presented that allows calculating the reflectance of dielectric multilayer coatings taking third-order optical nonlinearities into account. The description is based on third-order optical susceptibility so that nonlinear refraction and two-photon absorption processes are automatically considered in terms of the real and imaginary parts of the susceptibility. Two model systems are calculated in order to demonstrate the physical validity of the approach: a mirror that is optimized for maximum reflectance at a given wavelength and a given incident intensity and a mirror that provides a rather flat dependence of the reflected intensity on the incident one. Model calculations are performed for laser wavelength values of 1064 nm, 800 nm, and 532 nm.