The materials with an ability of self-focusing/defocusing through their light intensitydependent refractive index and phase shift properties are potential candidates for all-optical photonic devices. Several organic materials including dye-doped polymer films are attracting many researchers due to their advantages in terms of enhanced efficiency, and acceptable mechanical properties to fabricate useful devices. In this paper, we have reported the nonlinear optical properties like nonlinear absorption and nonlinear refraction of an organic dye Disperse Yellow - 7 (DY-7) doped in Polymethyl methacrylate-methacrylic acid (PMMA-MA) polymer matrix using open aperture and closed aperture Z-scan experimental methods by means of low power continuous wave (CW) laser beam. The optical limiting properties of these films are also studied using Type 1 and Type 2 configurations at different input powers using continuous wave (CW) laser beams of 532 nm wavelength. The nonlinear refractive index n2, nonlinear absorption coefficient β, changes in refractive index with input intensity, and the magnitude of third-order optical nonlinearity of the dye-doped film are experimentally determined. The sample is tested for optical power limiting in which the input limiting threshold and saturated output power level for both type 1 and type 2 optical limiting configurations are recorded. DY-7 dye-doped in PMMA-MA polymer film has shown saturation absorption at lower input irradiance and reverse saturation absorption at higher input irradiance along with thermal nonlinearity and hence found to be a potential candidate for the third harmonic property based photonic devices.