In view of the complexity of compound semiconductor based thin‐film solar cells, which are comprised of a multitude of layers, interfaces, surfaces, elements, impurities, etc., it is crucial to characterize and understand the structural, chemical, and electronic properties of these components. Hence, this paper gives a review of our recent progress in the characterization of compound semiconductor thin films using synchrotron‐based characterization methods. It is demonstrated how different analytical techniques are extraordinarily powerful to reveal the material characteristics from many different perspectives, ultimately resulting in a comprehensive picture of these properties. Light will be shed on structural phase transitions, reactive thin‐film formation mechanisms, surface off‐stoichiometries, and the electronic structure of chalcopyrite and kesterite compound semiconductors. Copyright © 2012 John Wiley & Sons, Ltd.