We describe herein the synthesis and characterization of a thiophene-based donor-acceptor system, namely (E)-2-(4-nitrostyryl)-5-phenylthiophene (Th-pNO ), which was prepared under Horner-Wadsworth-Emmons conditions. The UV/Vis absorption bands, including the intramolecular charge transfer (ICT) band, were fully assigned using DFT and TD-DFT computations. The results of both efficient third-order nonlinear optical properties and light-amplification phenomena are presented. Investigations of photoinduced birefringence (PIB) in optical Kerr effect (OKE) experiments showed a great potential for this particular compound as an efficient, fully reversible, and fast optical switch. Time constants for the observed trans-cis-trans molecular transitions are in the range of microseconds and give a competitive experimental result for the well-known and exploited azobenzene derivatives. Random lasing (RL) investigations confirmed that this organic system is potentially useful to achieve strong light enhancement, observed as a multimode lasing action. Both RL and OKE measurements indicate that this material is a representative of thiophene derivatives, which can be utilized to fabricate fast all-optical switches or random lasers (light amplifiers).