The first hyperpolarizability of graphene quantum dots (GQDs) suspended in water was determined using the hyper-Rayleigh scattering (HRS) technique. To the best of our knowledge, this is the first application of the HRS technique to characterize GQDs. Two commercial GQDs (Acqua-Cyan and Acqua-Green) with different compositions were studied. The HRS experiments were performed with an excitation laser at 1064 nm. The measured hyperpolarizabilities were (1.0 ± 0.1) × 10 −27 esu and (0.9 ± 0.1) × 10 −27 esu for Acqua-Cyan and Acqua-Green, respectively. The results were used to estimate the hyperpolarizability per nanosheet obtained by assuming that each GQD has five nanosheets with 0.3 nm thickness. The two-level model, used to calculate the static hyperpolarizability per nanosheet, provides values of (2.4 ± 0.1) × 10 −28 esu (Acqua-Cyan) and (0.5 ± 0.1) × 10 −28 esu (Aqua-Green). The origin of the nonlinearity is discussed on the basis of polarized resolved HRS experiments, and electric quadrupolar behavior with a strong dependence on surface effects. The nontoxic characteristics and order of magnitude indicate that these GQDs may be useful for biological microscopy imaging.