Magnetic anisotropy of a set of octahedral Cr(III) complexes is studied theoretically. The magnetic anisotropy is quantified in terms of zero-field splitting (ZFS) parameter D, which appeared sensitive toward ligand substitution. The increased pi-donation capacity of the ligand enhances the magnetic anisotropy of the complexes. The axial pi-donor ligand of a complex is found to produce an easy-plane type (D > 0) magnetic anisotropy, while the replacement of the axial ligands with pi a-acceptors entails the inversion of magnetic anisotropy into the easy-axis type (D < 0). This observation enables one to fabricate a single molecule magnet for which easy-axis type magnetic anisotropy is an indispensable criterion. The equatorial ligands are also found to play a role in tuning the magnetic anisotropy. The magnetic anisotropy property is also correlated with the nonlinear optical (NLO) response. The value of the first hyperpolarizability varies proportionately with the magnitude of the ZFS parameter. Finally, it has also been shown that a rational design of simple octahedral complexes with desired anisotropy characteristics is possible through the proper ligand selection.