In the case of finite confinement potential, the average energies and corresponding wave functions for the 1s2nl configurations, in which nl = 2s, 2p, 3d, and 4f, of three‐electron GaAs/AlxGa1−xAs quantum dot with and without impurity are computed by using a new variational approach which is a combination of Quantum Genetic Algorithm procedure and Hartree–Fock–Roothaan method. Using the calculated average energies and wave functions, a detailed investigation of the linear, third‐order nonlinear and total absorption coefficients (ACs) and the refractive index changes (RICs) for the quantum dot is performed, and the obtained results are presented as a function of dot radius and photon energies. The results show that the dot radius, the impurity charge, and the height of potential barrier have a strong influence on the average energies and absorption spectra of the system. As the potential barrier height increases, the peak positions of the ACs and RICs shift toward higher energy, and there is a significant increase in the amplitudes of the absorption spectra as the potential barrier height increases. In addition, the electron wave functions begin to enter the quantum well at smaller dot radii with increasing barrier height.