Exciton saturation and optical nonlinearities in multiple quantum wells due to many body interactions consisting of phase-space filling and Coulomb screening are investigated. We have made a theoretical model to compare the different effects induced by the two many-body interactions. We focus our calculations on the shift of the exciton absorption resonance at highly excited carrier densities in MQW which can be obtained through femtosecond pump-probe technique. We find that the blue shift of the exciton absorption resonance wavelength caused by the phase-space filling effects is about equivalent to the red shift of Coulomb screening effects in same circular polarization, while in contrary the red shift is much lager than the blue shift in opposite circular polarization. This phenomenon happens within optical switching timescale.