In this present work, we have investigated theoretically the effects of applied electric and magnetic fields on the linear and nonlinear optical properties in a GaAs/AlxGa1-xAs inverse parabolic quantum well for different Al concentrations at the well center. The Al concentration at the barriers was always x(max) = 0.3. The energy levels and wave functions are calculated within the effective mass approximation and the envelope function approach. The analytical expressions of optical properties are obtained by using the compact density-matrix approach. The linear, third-order nonlinear and total absorption and refractive index changes depending on the Al concentration at the well center are investigated as a function of the incident photon energy for the different values of the applied electric and magnetic fields. The results show that the applied electric and magnetic fields have a great effect on these optical quantities. (C) 2012 Elsevier B.V. All rights reserved.