Luminescent colloidal nanocrystals (NCs) are extensively used in optoelectronics, light harvesting, and imaging, depending on their efficiency. The efficiency of these nanocrystals depends on radiative and nonradiative processes, which can be altered by crystal phase, nature of ligand, lattice strain, surface defects, etc. Herein, we investigate the role of crystal defects and the lattice strain on nonradiative relaxation processes of pure CdS and Cd x Zn 1−x S alloy NCs with changing compositions. Rietveld analysis reveals the presence of biphases in pure CdS NCs that influence the nonradiative relaxation process due to the trap states whereas the nonradiative relaxation process of alloy nanocrystals is controlled by the lattice strain developed in alloy NCs. The significant change in the hot electron cooling dynamics from 400 to <120 fs is obtained from pure to alloy QDs. It is seen that the nonradiative relaxation due to lattice strain follows in the order CdS < Cd 0.8 Zn 0.2 S < Cd 0.75 Zn 0.25 S < Cd 0.67 Zn 0.33 S whereas the nonradiative relaxation due to the crystal defect follows in the order CdS > Cd 0.8 Zn 0.2 S > Cd 0.75 Zn 0.25 S > Cd 0.67 Zn 0.33 S. Thus, both of the nonradiative processes are important to understand because they have significant influence on the ultrafast relaxation process, and this knowledge is beneficial for fabricating efficient optoelectronic devices.