Colloidal Au and colloidal Ag were prepared by chemical reaction method and the nonlinear optical properties of Au and Ag nanoparticles doped polyvinylpyrrolidone (PVP) composite films were investigated using Z-scan technique with 38 ps pulses at 532 nm. Open aperture Z-scan measurements indicated that both the Au/PVP and Ag/PVP composite films exhibited reverse saturable absorption. Nonlinear absorption coefficients and third-order nonlinear refractive indices were determined. The mechanisms accounting for the process of nonlinear refractions were analyzed and the figures of merit W and T of the Au/PVP and Ag/PVP composite films were evaluated.