In the present review, we consider in detail nonlinear-optical properties of porous silicon. The nonlinear-optical properties of porous silicon are discussed in close connection with its linear optical properties. Such coherent nonlinear-optical processes as the second-and third harmonic generation are considered, with special interest to the variations of the nonlinear susceptibility tensor, phase matching in the birefringent porous silicon, and effect of the photonic crystals. Incoherent nonlinear-optical processes as nonlinear refraction, optical bleaching, and two-photon absorption are also reviewed, the different mechanisms responsible for them are discussed.