We explored the structure and physical properties of Ge15Sb20Se65‐xSx (with x = 0, 16.25, 32.5, 48.75, and 65) glasses in order to screen the best compositions for the applications in photonics, since the laser damage thresholds in Se‐based glasses are too low although their optical nonlinearities are high. We found that, linear and nonlinear refractive index of the glasses decreased, but glass transition temperature Tg, optical bandgap Eg and the laser damage threshold increased with increasing S content. We further employed Raman scattering and high‐resolution X‐ray photoelectron spectra to probe the structure of the glasses. Through the analysis of the evolution of the different structural units in the glasses, it was concluded that, the heteropolar bonds (Ge–Se/S, Sb–Se/S) were dominated in these glasses. With the increase in chalcogen Se/S ratio, the number of the Se‐related chemical bonds (Ge–Se, Sb–Se and Se–Se) increased and that of S‐related chemical bond (Ge–S, Sb–S and S–S) decreased gradually, and Ge was prior to bond with S rather than Se. The elemental substitution thus had negligible effect on the glass structure. The change of the physical properties was mainly due to the difference of the strength of the chemical bonds between S–Ge(Sb) and Se–Ge(Sb).