Nonlinear optical properties and carrier relaxation dynamics in graphene, suspended in three different solvents, are investigated using femtosecond (80 fs pulses) Z-scan and degenerate pumpprobe spectroscopy at 790 nm. The results demonstrate saturable absorption property of graphene with a nonlinear absorption coefficient, β, of ~2 to 9x10 -8 cm/W. Two distinct time scales associated with the relaxation of photoexcited carriers, a fast one in the range of 130-330 fs (related to carriercarrier scattering) followed by a slower one in 3.5-4.9 ps range (associated with carrier-phonon scattering) are observed.Graphene is a two-dimensional carbon nanomaterial which has received tremendous interest in recent years owing to its various remarkable properties and applications in modern electronics and photonics [1,2]. Ultrafast degenerate and nondegenerate pump-probe measurements on single and multilayer epitaxial [3,4] or exfoliated [5] graphenes deposited on a substrate have shown two types of dynamics of the carriers: a fast component of the order of ~100 fs attributed to the intraband carrier-carrier scattering and a slower component ~2 ps associated with carrierphonon scattering. In the degenerate pump-probe studies on single and multilayer graphene films grown on a SiC substrate using 85 fs laser pulses centered at 790 nm, a positive change in the transient differential transmission of the probe was observed with two relaxation times, the faster one in the range of 70-120 fs and a slower one between 0.4-1.7 ps [3]. Similar carrier relaxation dynamics was obtained in the nondegenerate pump-probe experiments on exfoliated graphene films on SiO 2 /Si substrate [5]. On a few layer thick graphene film on SiC, nondegenerate pump-probe experiments [4] using 800 nm pump showed that the sign of the differential transmission signal is positive over the entire probe spectral range of 1.1 to 2.6 µm but becomes negative after 2 ps if the probe wavelength falls between 1.78 and 2.35 µm. The initial positive part of the signal within 150 fs has been described in terms of thermalization and emission of high energy-phonons followed by a slow decay of the order of a few ps determined by electron-acoustic phonon scattering. Nonlinear optical properties of graphene have been reported recently in the nanosecond (ns) and picosecond (ps) regimes [6,7]. Using 35 ps laser pulses centered at 532 nm, it has been shown that the nonlinear response of graphene oxide suspensions changes from saturable absorption at low intensity (2.1 GW/cm 2 ) to reverse saturable absorption or optical limiting at higher intensities (>4.5 GW/cm 2 ) [6]. In comparison, in the ns regime suspensions of graphene oxide and functionalized graphene in dimethylformamide showed optical limiting property at all values of intensities above 0.6 GW/cm 2 [6,7].We have carried out femtosecond (80 fs) Z-scan and degenerate pump-probe experiments at 790 nm to study the nonlinear optical response and carrier dynamics in colloidal suspensions of graphene which have not been invest...