Semiorganic and third order nonlinear optical crystals viz. Glycine Potassium Sulphate (GPS) crystals with high degree of transparency were grown from aqueous solution of glycine and potassium sulphate mixed in 1:1 molar ratio at room temperature by slow evaporation solution growth technique. Solubility of the sample was determined at different temperatures. The grown crystal was subjected to X-ray diffraction method to identify the crystal structure. The obtained compound is observed to be crystallizing in orthorhombic structure with the space group Pnma. The Second Harmonic Generation (SHG) relative efficiency of the grown crystal was checked by Kurtz and Perry powder technique. The third order nonlinear optical property of GPS crystal was analyzed by Z-scan experiment and the values of nonlinear absorption coefficient, nonlinear refractive index and third order nonlinear susceptibility were calculated. The real and imaginary parts of impedance and electric modulus were investigated for the GPS crystal as a function of frequency and temperature.