Organic-inorganic perovskites have attracted great attentions driven by exceptional progress in photovoltaics, photonics and optoelectronics. Different from the corner sharing framework of three-dimensional (3D) perovskite, two-dimensional (2D) organic-inorganic perovskites possess a layered staking structure composed of alternative organic and inorganic components.Due to the inherent multi-quantum-well-like structure, it is intriguing to explore the optical properties of 2D perovskites enabled by spatial and dielectric confinement. Herein, the twophoton absorption (TPA) properties of 2D perovskite phenylethylamine lead iodide ((PEA)2PbI4) are systematically studied. The 2D perovskite exhibits a giant TPA and saturation effect under excitation of 800 nm femtosecond laser. The TPA coefficient of a (PEA)2PbI4 flake is measured to be about 211.5 cm/MW, which is at least one order of magnitude larger than those of 3D perovskite films and some typical semiconductor Submitted to 2 2 nanostructures. The giant TPA can be attributed to the enhanced quantum and dielectric confinement in the organic-inorganic multi-quantum-well structure. In addition, a highly thickness-dependent TPA is observed for the 2D perovskite flakes. The result advocates a great promise of 2D organic-inorganic perovskites for nonlinear optical absorption related optoelectronic devices.