In this study, a photothermal nondestructive method was proposed to measure the material parameters of semi-transparent or translucent thermal barrier coatings (TBCs). We derived a theoretical model for the photothermal signal from a two-layer semi-infinite material system with a translucent first layer after a pulse laser excitation. Its solution was verified by numerical solution. A data regression algorithm based on a least-squares fitting was used for the determination of the material parameters in the translucent first layer material. To verify this new method, an experimental system was set up with a pulse laser for thermal excitation and an infrared camera for image acquisition of the thermal emission transient from several translucent EBPVD TBC samples. The predicted coating thickness is consistent with the measured value by an optical microscope. The predicted thermal conductivity and optical attenuation coefficients in the absorption and emission band are found to be in good agreement with reference values.