Broadband reverse saturable absorption is systematically investigated via Z-scan, transient absorption spectrum (TAS). The excited state absorption and negative refraction of Orange IV are observed in the Z-scan experiment at 532 nm. Meanwhile, two-photon-induced excited state absorption and pure two-photon absorption are observed at 600 nm and 700 nm with the pulse width of 190 fs, respectively. An ultrafast broadband absorption in the visible wavelength region is observed via TAS. The different nonlinear absorption mechanisms at multiple wavelengths are discussed and interpreted from the results of TAS. In addition, the ultrafast dynamics of negative refraction in the excited state of Orange IV are investigated via a degenerate phase object pump-probe, from which the weak long-lived excited state is extracted. All studies indicate that Orange IV has the potential to be further optimized into a superior broadband reverse saturable absorption material and also has certain reference significance for the study of optical nonlinearity in organic molecules containing azobenzene groups.