We investigate the nonlinear optical response of a thin film of ion-implanted VO 2 nanocrystals with open aperture z-scans involving femtosecond near-infrared pulses. Beyond the established nonlinearity related to the insulator-metal phase transition of VO 2 , the metallic state features a pronounced saturable absorption for 100 fs pulses from a modelocked Yb:fiber source at λ = 1036 nm. In contrast, we find a pronounced reverse saturable absorption for 90 fs pulses in the telecom window at λ = 1550 nm. We attribute these nonlinearities to a transient red-shift of the plasmonic resonance of the nanocrystals, in line with the temperature dependence of the linear absorption and the theoretical expectation for electronic heating. Details of the transmissivity characteristics can be tailored by the lattice temperature and/or the size of the nanocrystals. The results hold promise for the use of VO 2 nanocrystals as a saturable absorber, e.g., to mode-locked near-infrared lasers.