Functionalization of photoelectric effect in nanostructures is presenting a promising strategy for humans to achieve precise detection and efficient transformation. Due to the high applied value, numerous materials and constructions are adopted for photoelectric effect to deliver on its potential performance. Among these functional materials, metal-semiconductor (MS) or metal-oxide-semiconductor (MOS) systems own unparalleled advantage including reliable stability, superb physical performance, and simple fabrication process. Herein, two types of photoelectric effect, lateral photovoltaic and photo-induced resistance effect, in nanostructure MS or MOS systems are reviewed. These effects have great potential in applications and will play a beneficial role in future investigations. In addition, how each component of the system contributes to the photoelectric properties and responds to external fields are detailed, suggesting future study directions in photoelectric fields.