The nonlinear optical properties of 20 nm thick Ag films are investigated by time-resolved white- light continuum pump-probe experiments in both transmission and reflection mode. The dynamics of changes in permittivity Δε are measured at wavelengths between 500 to 700 nm. The data is fitted to a modified Drude model in the frequency domain and to a two-temperature model in the time domain. Changes in the individual Drude parameters are calculated as a function of time. A single, coherent model is proposed based on these fittings that describes the dynamics of the nonlinear optical properties of Ag, which could be used to model the nonlinear responses of multilayer structures containing thin films of Ag. The physical origins of the observed responses are discussed.