The nonlinear absorption properties of eosin Y (EY), zinc phthalocyanine (ZnPc), and EY/ZnPc composite films are investigated by the Z-scan technique using laser with a pulse energy of 130 μJ, a pulse width of 4 ns, and a wavelength of 532 nm. The experimental results show that EY has intense saturable absorption (SA) while ZnPc has strong reverse saturable absorption (RSA). The absorption properties enhance with the rising mass concentration, and both EY and ZnPc exhibit good stability in repeated tests. EY/ZnPc composite polyvinyl alcohol (PVA) films possess both SA and RSA characteristics. The transmittance of composite films can be adjusted by the mass fraction ratio change of EY and ZnPc. Moreover, the nonlinear absorption coefficient of the material can be adjusted, and the "addition" of material limiting properties is achieved. The composite materials can be used in new types of optical devices, such as optical limiters and optical switches.