Polymer-based ternary nanocomposites with tunable optical properties are the key components for optoelectronics applications. Here, we demonstrate the linear and nonlinear optical properties of polypyrrole (PPy) and its ternary composites with different concentrations of the MoS2–ZnO core–shell (ZnO@MoS2) heterostructure. The interesting observation of multiple excitons and their transportation through the interface of PPy and ZnO@MoS2 by using photoluminescence and fluorescence lifetime spectroscopy was studied. Furthermore, the third-order nonlinear optical properties of all samples were also measured by employing the z-scan technique at an excitation wavelength of 532 nm. The reverse saturable absorption of pure PPy was switched to saturable absorption after the addition of ZnO@MoS2 at the uniform linear transmittance. These ternary composites with good nonlinear responses provide an option for the development of high-performance nonlinear optical devices and open a new path for the future development of ternary systems in the optical fields.