Axisymmetric shapes and stability of nonlinearly polarizable dielectric (ferrofluid) drops of fixed volume which are pendant/sessile on one plate of a parallel-plate capacitor and are subjected to an applied electric (magnetic) field are determined by solving simultaneously the free boundary problem comprised of the Young-Laplace equation for drop shape and the Maxwell equations for electric (magnetic) field distribution. Motivated by the desire to explain certain experiments with ferrofluids, a constitutive relation often used to describe the variation of polarization with applied field strength is adopted here to close the set of equations that govern the distribution of electric field. Specifically, the nonlinear polarization, P, is described by a Langevin equation of the form P = α[coth (τE) −1/(τE)], where E is the electric field strength. As expected, the results show that nonlinearly polarizable drops behave similarly to linearly polarizable drops at low field strengths when drop deformations are small. However, it is demonstrated that at higher values of the field strength when drop deformations are substantial, nonlinearly polarizable supported drops whose contact lines are fixed, as well as ones whose contact angles are prescribed, display hysteresis in drop deformation over a wide range of values of the Langevin parameters α and τ. Indeed, properly accounting for the nonlinearity of the polarization improves the quantitative agreement between theory and the experiments of Bacri et al. (1982) and Bacri & Salin (1982, 1983). Detailed examination of the electric fields inside nonlinearly polarizable supported drops reveals that they are very non-uniform, in contrast to the nearly uniform fields usually found inside linearly polarizable drops.