Optical nonlinearities of new organophosphorus fullerene derivative were determined by the Z-scan method with a pulsed Q-switch Nd:YAG laser at 532nm. The experimental results demonstrated that the derivative has much larger excited-states nonlinear absorption and nonlinear refraction than C60. A five-level model was utilized to fit the experimental data, and a good agreement is reached. Some parameters such as excited-state absorption cross and refraction cross were obtained. To our knowledge, the excited-state cross section of new organophosphorus fullerene derivative and its effective ratio to the ground-state cross section are the largest values among the fullerene derivatives reported to date.