The near-infrared (NIR) organic dyes with strong ultrafast nonlinear optical (NLO) activities are of importance for various applications. However, such kinds of dyes are still scarce. In this work, we have compared the NLO properties of two NIR Aza-BODIPY derivatives, in which the strong electron-donating groups, namely 4-(N, N-dimethylamino) phenyl and 1-ethyl-1,2,3,4-tetrahydroquinoline groups, are connected with the cores of Aza-BODIPY. Z-Scan experimental results show that two Aza-BODIPY derivatives exhibit strong saturation absorption and large modulation depth under the excitation of femtosecond pulses at 800 nm. Under 1300 nm excitation, two derivatives exhibit strong nonlinear refraction. In addition, the Aza-BODIPY derivatives also display effective two-photon excited fluorescence emission in the wavelength range of 1200-1600 nm. Based on the experimental results, it is found that 1-ethyl-1,2,3,4-tetrahydroquinoline group can more effectively enhance the NLO properties of Aza-BODIPY derivatives compared with the 4-(N, N-dimethylamino) phenyl group, thus providing new possibilities for the design and development of NIR NLO materials.