We report the identification of the possible optical counterparts of five out of seven Ultraluminous X-ray Sources (ULXs) in NGC 4490/4485 galaxy pair. Using archival Hubble Space Telescope (HST) imaging data, we identified a single optical candidate for two ULXs (X-4 and X-7) and multiple optical candidates for the other three ULXs (X-2, X-3 and X-6) within ∼ 0. 2 error radius at the 90% confidence level. Of the two remaining ULXs, X-1 has no HST imaging data and photometry could not be performed due to the position of X-5 in NGC4490. Absolute magnitudes (M V ) of the optical candidates lie between −5.7 and −3.8. Color-Magnitude Diagrams (CMDs) have been used to investigate the properties of counterparts and their environments. The locations of the counterparts of X-2, X-4, and X-6 suggest possible association with nearby group of stars while others have no association with a star cluster or group of stars. For comparison purposes, we analyzed previously unused three archival XMM-Newton observations. The long-term X-ray light curves of the sources (except transient X-7) show variability by a factor of three in a time scale more than a decade. The use of disk blackbody model for the mass of the compact objects indicates that these objects might have masses most likely in the range 10−15 M .