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Ag nanoparticles embedded in soda-lime silicate glass were fabricated by ion-exchange and subsequently annealing method. Z-scan technique, femtosecond time-resolved optical Kerr effect (OKE) technique and femtosecond pump-probe experiment were used to investigate the effects of laser wavelength and laser pulse duration as well as annealing temperature on the third-order optical nonlinearity and ultrafast dynamics of the composites. It was found that the third-order susceptibility of Ag nanoparticles composite glass measured by 400 nm pulse source is larger than that measured by 800 nm pulse source due to an enhancement effect of local field near surface plasmon resonance of Ag nanoparticles in silicate glass. The third-order optical nonlinearity measured by ns laser source is about two orders of magnitude larger than that measured from fs pulse. The annealing temperature has an important effect on the third-order optical nonlinearity and ultrafast dynamics of the composites. Third-order nonlinear susceptibility up to 10-10 esu and fast relaxation process up to 0.2 ps have been obtained in Ag nanoparticles doped glass. [ABSTRACT FROM AUTHOR]