The third order nonlinear optical susceptibility (TONOS) of an inverted ZnS/CdSe core–shell spherical quantum dot embedded in SiO
2-matrix with or without impurity, and subjected to an external magnetic field is investigated. Within the framework of effective mass approximation and using B-splines basis functions, the energy levels, the dipole matrix elements and the TONOS are computed. The dielectric mismatch in the interface dots as well as the effective mass dependence on the core and shell regions are taken into account. It is revealed that, simultaneously the shell size, magnetic field and off-center displacement have a noticeable effect on the positions and the heights of the peaks of the TONOS. Moreover, we have shown that, due to the magnetic field and the off-center displacement effects, the TONOS takes different profiles associated with the polarization direction (parallel and perpendicular). In the perpendicular polarization, two peaks of the nonlinear optical properties appear for each off-center displacement value corresponding to the two transversal allowed transitions. The shift towards higher energies of the peak position and the reduction of the intensity of the peak when the magnetic field increases are recorded in the transversal transition case. Furthermore, in the longitudinal transition, as increasing the magnetic field strength, the intensity of the peak of the TONOS grows and the position of the peak is shifted towards lower frequencies. The dielectric constant, effective mass and conduction band offset of the materials that constitute the core and shell are equally found to modify significantly the main features of the susceptibility.