The paper reviews the state of the art in the synthesis of multinary (ternary, quaternary and more complex) metal chalcogenide nanocrystals (NCs) and their applications as a light absorbing or an auxiliary component of light-harvesting systems. This includes solid-state and liquid-junction solar cells and photocatalytic/photoelectrochemical systems designed for the conversion of solar light into the electric current or the accumulation of solar energy in the form of products of various chemical reactions. The review discusses general aspects of the light absorption and photophysical properties of multinary metal chalcogenide NCs, the modern state of the synthetic strategies applied to produce the multinary metal chalcogenide NCs and related nanoheterostructures, and recent achievements in the metal chalcogenide NC-based solar cells and the photocatalytic/photoelectrochemical systems. The review is concluded by an outlook with a critical discussion of the most promising ways and challenging aspects of further progress in the metal chalcogenide NC-based solar photovoltaics and photochemistry.