This research work describes the phase change studies in Se85In15−xZnx thin films at various annealing temperatures. Glassy samples of Se85In15−xZnx were synthesized by the melt quenching method and thin films of thickness 400 nm were prepared by the vacuum evaporation technique on a glass/Si wafer substrate. The glass transition temperature (Tg) and the on-set crystallization temperature (Tc) of the prepared alloys were evaluated by non-isothermal differential scanning calorimetry studies. Thin films were annealed at three temperatures 330 K, 340 K, and 350 K (which are in between Tg and Tc of the synthesized samples) in a vacuum furnace for 2 h. High resolution X-ray diffraction studies demonstrate that the as-prepared films are amorphous in nature whereas the annealed films are of crystalline/polycrystalline in nature. Field emission scanning electron microscopy studies of thin films (as-deposited and crystallized) confirm the phase transformation in Se85In15−xZnx thin films. Optical band gaps were calculated from the Tauc's extrapolation procedure and were found to be enhanced with the Zn concentration and decrease with the increasing annealing temperature. Various optical parameters were evaluated for as-prepared and annealed Se85In15−xZnx thin films. The changes in optical parameters with annealing temperature were described on the basis of structural relaxation as well as changes in defect states and density of localized states during amorphous to crystalline phase transformation in Se85In15−xZnx thin films.