Abstract: The synthesis method of a new metalphthalocyanine compound was introduced. Optical nonlinearity of the sample solution in both picoseconds and nanoseconds regimes at 532 nm wavelength was investigated by Z-scan technique. Strong reserve saturable absorption and positive nonlinear refraction were observed from the experiments. The equivalent nonlinear absorptive coefficient and nonlinear refractive index were obtained from the experiment data via computer simulations, which were: ps=4.110-11m/W,ps=4.510-19m2/W and ps=5.110-9m/W, ps=1.510-16m2/W. The mechanism of reverse saturable absorption and positive nonlinear refraction showed in Z-scan experiment was illustrated, excited state optical nonlinearity was considered as the origin of the sample's nonlinear optical property. Excited singlet and triplet energy levels play the key role in picoseconds and nanoseconds regimes, respectively. Optical limiting experiment was performed using nanoseconds pulse laser and results showed that when T/T0=0.5, the threshold value was 2.0 J/cm2. The results of optical limiting experiment showed that the sample has novel optical limiting performance.