An R2O-B2O3-SiO2 (R=Li, Na, K) polarizing glass containing Ag nanorods is prepared by thermal elongation-reduction technology. The transverse and longitudinal plasmon absorption peaks of the embedded Ag nanorods are near 460 and 720 nm, respectively. When the polarization of the laser is parallel to the long axis of the Ag nanorods, the nonlinear absorption coefficient beta = 0.82 cm GW(-1) and the nonlinear refractive index n(2) = -1.5 x 10(-4) cm(2) GW(-1). When the polarization of light is perpendicular to the long axis of the Ag nanorods beta = 0.12 cm GW(-1) and n(2) = -7.2 x 10(-5) cm(2) GW(-1) and the appropriate one- and two-photon figures of merit (FOM), W = 1.6 and T = 0.16, respectively, are obtained, which satisfies the demand, W > 1. and T< 1, for applications in all optical switching, where W is a one-photon FOM, and T is a two-photon FOM.