Understanding the nonlinear optical effect of novel materials plays a crucial role in the fields of photonics and optoelectronics. Herein, we theoretically and experimentally investigate the simultaneous presence of third-order locally refractive nonlinearity and thermally induced nonlocal nonlinearity saturation. We present analytical expressions for the closed-aperture Z-scan trace and the number of spatial self-phase modulation (SSPM) rings, which allows one to unambiguously and conveniently separate the contributions of local and nonlocal nonlinear refraction in the case that both effects occur simultaneously. As a test, we study both the local and thermally induced nonlocal nonlinear refraction in fullerene/toluene solution by performing continuous-wave Z-scan and SSPM measurements at two different wavelengths. This work enriches the understanding of the physical mechanism of the optical nonlinear refraction effect in solution dispersions of nanomaterials, which can be exploited for nonlinear photonic devices.