The use of colloidal nanocrystals as part of artificial photosynthetic systems has recently gained significant attention, owing to their strong light absorption and highly reproducible, tunable electronic and optical properties. The complete photocatalytic conversion of water to its components is yet to be achieved in a practically suitable and commercially viable manner. To complete this challenging task, we are required to fully understand the mechanistic aspects of the underlying light-driven processes involving not just single charge carriers but also multiple charge carriers in detail. This review focuses on recent progress in understanding charge carrier dynamics in semiconductor nanocrystals and the influence of various parameters such as dimension, composition, and cocatalysts. Transient absorption spectroscopic studies involving single and multiple charge carriers, and the challenges associated with the need for accumulation of multiple charge carriers to drive the targeted chemical reactions, are discussed.