This work presents a new, to the best of our knowledge, porous graphene dispersion in ethanol that can achieve a good nonlinear optical limiting (NOL) effect at the wavelength of 1064 nm. Using the Z-scan system, the nonlinear absorption coefficient of the porous graphene dispersion with a concentration of 0.01 mg/mL was measured as 9.69×10-9 c m/W. The NOL of the porous graphene dispersions in ethanol under three different concentrations (0.01, 0.02, and 0.03 mg/mL) were measured. Among them, the 1-cm-thick porous graphene dispersion with a concentration of 0.01 mg/mL has the best optical limiting effect, in which the linear transmittance is 76.7%, and the lowest transmittance is 24.9%. By using the pump-probe technique, we detected the formation and annihilation times of the scatter when the suspension interacts with the pump light. The analysis shows that the NOL mechanisms of the novel porous graphene dispersion are mainly nonlinear scattering and nonlinear absorption.