In cubic magnetic semiconductor y-Dy 2 S 3 the anisotropy and dispersion of Cotton-Mouton effect (CME) and non-reciprocal linear birefringence (NB) have been studied. The anisotropy of NB at photon energies E <2 e V corresponds to manifestation of second-order magneto-electric susceptibility in optical region. The dispersion of NB in y-Dy 2 S 3 is of the same type that is known for crystals of Cd 1 _xMnxTe family. This indicates the impact of inversion asymmetry on the conduction band. The anisotropy of CME in transparent region and in the region oflocal electronic transition 6 H 1512 -+ 6F 312 shows the existence of strong axial crystal field in positions of rare-earth ion.Rare-earth (RE) sesquisulphides (point symmetry group Td) y-RE 2 S 3 are non-centrosymmetric magnetic semiconductors with band gap energies Eg=2.5 eV to 3 eV. The dispersion of magneto-optical effects (MO) such as the Faradayeffect (FE) and the polar Kerr effect (MOKE) has been studied in References [1,2,3,4]. It shows that electronic transitions which are responsible for MO properties in the transparent region are centered at energies which are remarkably larger than Eg. It evidences that, in contrast to diamagnetic semiconductors or magnetic semiconductors containing 3d-ions, the interband optical transitions do not play an important role for MO properties of rare-earth sesquisulfides [3,4]. The MO effects in y-RE 2 S 3 are assumed to arise from transitions between ground state of the RE3+ ions (configuration 4fN) to special excited