Two-dimensional (2D) violet phosphorus (VP) plays a significant role in the applications of photonic and optoelectronic devices due to its unique optical and electrical properties. The ultrafast carrier dynamics and nonlinear optical absorption properties were systematically investigated here. The intra- and inter-band ultrafast relaxation times of 2D VP nanosheets were measured to be ~6.83 ps and ~62.91 ps using the pump-probe method with a probe laser operating at 1.03 μm. The nonlinear absorption coefficient βeff, the saturation intensity Is, the modulation depth ΔR, and the nonsaturable loss were determined to be -2.18 × 104 cm/MW, 329 kW/cm2, 6.3%, and 9.8%, respectively, by using the Z-scan and I-scan methods, indicating the tremendous saturable absorption property of 2D VP nanosheets. Furthermore, the passively Q-switched Nd:YVO4 laser was realized with the 2D VP nanosheet-based SA, in which the average output power of 700 mW and the pulse duration of 478 ns were obtained. These results effectively reveal the nonlinear optical absorption characteristics of VP nanosheets, demonstrating their outstanding light-manipulating capabilities and providing a basis for the applications of ultrafast optical devices. Our results verify the excellent saturable absorption properties of 2D VP, paving the way for its applications in pulsed laser generation.