The effect of conduction band nonparabolicity on the linear and nonlinear optical properties such as absorption coefficients, and changes in the refractive index are calculated in the Al_0.3Ga_0.7As/GaAs heterostructure-based symmetric rectangular quantum well under applied hydrostatic pressure and electric field. The electron envelope functions and energies are calculated in the effective mass equation including the conduction band nonparabolicity. The linear and nonlinear optical properties have been calculated in the density matrix formalism with two-level approximation. The conduction band nonparabolicity shifts the positions of the optical properties and decreases their strength compared to those without this correction. Both the optical properties are enhanced with the applied hydrostatic pressure. While the absorption coefficients are bleached under the combined effect of high pressure and electric field, the bleaching effect is reduced when nonparabolicity is included.