Currently, the existing third-order nonlinear optical research about phosphorus-based two-dimensional materials mainly focuses on black phosphorus, while the study on red phosphorus is still insufficient. Here, the third-order nonlinear optical properties of two-dimensional red phosphorus are reported for the first time. Interestingly, the nonlinear optical solvent effect is observed in several solvents including 1,2-propylene glycol and 1,2,3-glycerol. Ultrafast carrier dynamics and time-dependent density functional theory calculations jointly reveal that this solvent-dependent nonlinear optical behavior is attributed to different absorption capacities between the ground and excited states, which are influenced by the dielectric polarizations of the solvents. These results endow two-dimensional red phosphorus with promising prospects in nonlinear optical applications.