In this work, we investigate the nonlinear absorption dynamics of Zn phthalocyanine in dimethyl sulfoxide (DMSO). We used single pulse and pulse train Z-scan techniques to determine the dynamics and absorption cross-sections of singlet and triplet states at 532 nm. The excited singlet state absorption cross-section was determined to be 3.2 times higher than the ground state one, giving rise to reverse saturable absorption. We also observed that reverse saturable absorption occurs from the triplet state, after its population by intersystem crossing, whose characteristic time was determined to be 8.9 ns. The triplet state absorption cross-section determined is 2.6 times higher than the ground state one. In addition, we used the white light continuum Z-scan to evaluate the singlet excited state spectrum from 450 to 710 nm. The results show two well-defined regions, one above 600 nm, where reverse saturable absorption is predominant. Below 600 nm, we detected a strong saturable absorption. A three-energy-level diagram was used to explain the experimental results, leading to the excited state absorption cross-section determination from 450 nm up to 710 nm.