Both the nonlinear optical transmission and reflection characteristics of HiPco-based single wall carbon nanotube (SWNT) thin films are studied by using the Z-scan method with femtosecond laser pulses at a wavelength of 1.46 μm. The nonlinear absorption coefficient and nonlinear refractive index are obtained as (5.4 ± 2.0) × 10 −7 cm/W and (1.1 ± 0.5) × 10 −11 cm 2 /W, respectively, which are considerably greater than those of other optical materials. This large optical nonlinearity is ascribed to (a) homogeneously deposited thin nanotube film on optically transparent barium fluoride, (b) just-resonant excitation condition, and (c) intrinsic saturable absorption feature of SWNTs.