Quenching effect of the photoluminescence of 1,2,4,5-tetrakis(4-pyridylvinyl) benzene in the presence of CdS colloids stabilized by inverse micelles was observed. The observed regularities of luminescence quenching by the quenchers of different size were studied. An increase in the two-photon absorption cross section (6.5 times higher) and in the two-photon-induced fluorescence intensity was observed for the composite solution when pumped by 740-nm laser irradiation. The results are in accord with theoretical prediction of enhancement of third-order optical nonlinearity of quantum-confined semiconductor.