The main purpose of this dissertation to investigate photophysical properties, third order nonlinearity and free carrier absorption and refraction in organic materials and semiconductors. Special emphasis of this dissertation is on characterization techniques of molecules with enhanced intersystem crossing rate and study of different approaches of increasing triplet quantum yield in organic molecules. Both linear and nonlinear characterization methods are described. Linear spectroscopic characterization includes absorption, fluorescence, quantum yield, anisotropy, and singletoxygen generation measurements. Nonlinear characterization, performed by picosecond and femtosecond laser systems (single and double pump-probe and Z-scan measurements), includes measurements of the triplet quantum yields, excited-state absorption, two-photon absorption, nonlinear refraction and singlet and triplet-state lifetimes. The double pump-probe technique is a variant of the standard pump-probe method but uses two pumps instead of one to create two sets of initial conditions for solving the rate equations allowing a unique determination of singlet- and triplet-state absorption parameters and transition rates. The advantages and limitations of the the double pump-probe technique are investigated theoretically and experimentally, and the influences of several experimental parameters on its accuracy are determined. The accuracy with which the double pump-probe technique determines the triplet-state parameters improves when the fraction of the population in the triplet state relative to the ground state is increased. Although increased accuracy is in iv principle achievable by increasing the pump fluence in the reverse saturable absorption range, it is shown that the DPP is optimized by working in the saturable absorption regime. Two different approaches to increase intersystem crossing rates in polymethine-like molecules are presented: traditional heavy atom substitution and molecular levels engineering. Linear and nonlinear optical properties of a series of polymethine dyes with Br- and Se- atoms substitution, and a series of new squaraine molecules, where one or two oxygen atoms in a squaraine bridge are replaced with sulfur atoms, are investigated. A consequence of the oxygento-sulfur substitution in squaraines is the inversion of their lowest lying ππ* and nπ* states leading to a significant reduction of singlet-triplet energy difference and opening of an additional intersystem channel of relaxation. Experimental studies show that triplet quantum yields for polymethine dyes with heavy-atom substitutions are small (not more than 10%), while for sulfurcontaining squaraines these values reach almost unity. Experimental results are in agreement with density functional theory calculations allowing determination of the energy positions, spinorbital coupling, and electronic configurations of the lowest electronic transitions. For three different semiconductors: GaAs, InP and InAsP two photon absorption, nonlinear refraction and free carrier absorption and refraction spectrums are measured using Zscan technique. Although two photon absorption spectrum agrees with the shape of theoretical prediction, values measured with picosecond system are off by the factor of two. Nonlinear refraction and free carrier nonlinearities are in relatively good agreement with theory. Theoretical values of the third order nonlinearities in GaAs are additionally confirmed with femtosecond Z-scan measurements. v Due to large spectral bandwidth of femtosecond laser, three photon absorption spectrum of GaAs was additionally measured using picosecond Z-scan. Again, spectral shape is in excellent agreement with theory however values of three photon absorption cross sections are larger than theory predicts