Intra-band-gap state-induced low-toxicity colloidal I−III−VI ternary metal chalcogenide nanocrystals (NCs) have emerged as promising alternatives to the toxic Cd-and Pb-chalcogenides for different optoelectronic and bioimaging applications. In this Perspective, we provide the primary understanding of the intraband-gap state-induced photoluminescence (PL) of I−III−VI NCs, specifically CuInS 2 and AgInS 2 , as a function of particle size and composition and correlated with time-resolved PL measurements. The intra-band-gap state-induced ultrafast exciton and biexciton dynamics are discussed in detail to unravel the subpicosecond carrier relaxation dynamics through transient absorption measurement. Furthermore, ultrafast dissociation of the biexciton on Au@CuInS 2 hybrid NCs has been revealed to be due to the presence of Au, which has direct relevance to the improvement of the solar cell efficiency. The proper fundamental insight of the ultrafast exciton and biexciton dynamics of these materials will enable utilization of ternary metal chalcogenides in photovoltaic as well as light-emitting devices.