The results are reported on the study of nonlinear optical properties of poly(methyl methacrylate) waveguides doped with 2,9,16,23-Tetrakis(phenylthio)-29H,31H- phthalocyanine. Polymeric host provides acceptable waveguide quality that is hardly achievable for phthalocyanine monocrystaline films or glasses. In comparison with ordinary materials such as lead-phthalocyanine, 2,9,16,23-Tetrakis(phenylthio)-29H,31H- phthalocyanine shows better solubility and is less affected by polymeric matrix. It preserves strong absorption in visible region with single peak at 627 nm. Third order nonlinearity of phthalocyanine doped polymer was studied with Z-scan and degenerate four wave mixing techniques, and also with waveguide mode spectroscopy based on prism coupling. Slow thermal component of third order susceptibility was measured using cw Ar+ laser (514 nm line) in the spectral region out of the absorption band, and He-Ne laser (633 nm line) inside the absorption band. In the latter case nonlinear refractive index was minus 1.87 multiplied by 10-2 cm2/W providing strong shift of waveguide modes to the region of low indices where light confinement might no longer be achieved. Transient and fast third order susceptibility is studied using nanosecond and picosecond pulses from frequency doubled Nd:YAG laser at pump power up to 100 MW/cm(superscript 2$.