Comprehensive studies of the third-order susceptibility of regioregular poly(3-hexylthiophene) in the wavelength range from 530 to 1600 nm for both thin film (with stacked chains interactions) and dilute solution (no chains interactions) were performed with the Z-scan technique. Negative nonlinear refraction was observed in the whole wavelength range of the measurements. The nonlinear absorption exhibits regions of two-photon and three-photon absorption, and on approaching the linear absorption region, a saturable absorption process is seen. It was found that for thin film the effective multiphoton absorption cross-sections σ 2 and σ 3 are 1.5 and 3 times bigger than for solution, respectively. Influence of the elongated conjugation length in the stacked polythiophene chains in thin film on the red shift of the multiphoton absorption crosssection spectra in comparison with those for polythiophene in solution is discussed.