We systematically investigate the bistable behavior and squeezing property of the librational mode of a levitated nonspherical nanoparticle trapped by laser beams. By expanding the librational potential to the forth order of the librational angle θ, we find that the nonlinear coefficient of this mode is dependent only on the size and material of nanoparticle, but independent of trapping potential shape. The bistability and hysteresis are displayed when the driving frequency is red-detuned to the librational mode. In the bluedetuned region, we have studied squeezing of the variance of librational mode in detail, which has potential application for measurement of angle and angular momentum.