In this paper, we have investigated the possibility of utilizing CdZnS and CdZnSe alloy nanocrystals (NCs) as sensitizers in quantum-dot solar cells (QDSCs). The alloy NCs were synthesized by a high-temperature hot injection method and subsequently characterized through high photoluminescence quantum yield, along with larger size compared to binary NCs. Femtosecond transient absorption measurements revealed long-lived charge carriers in the alloy structure due to more structural rigidity and less defect states. Finally, the solar-cell efficiencies of the CdZnS (CdZnSe) NCs were found to be 3.05% (3.69%) as compared to 1.23% (3.12%) efficiencies for CdS (CdSe) NCs. Thus, common anion ternary NCs have been successfully utilized for solar-cell assembly and can be helpful for constructing tandem solar cells to harvest the high-energy portion of solar radiation.