- The synthesis of hybrid nanostructures that have specific properties has become a significant topic for construction of “smart” nanomaterials for various applications. Formation of hybrid nanostructures, particularly those combining metals and semiconductors, often introduces new chemical, optical, and electronic properties. Here, we show a simple solution phase synthesis of multicomponent heterostructures based on the growth of metal and semiconductor onto the tips of semiconductor nanorods, leading to the formation of a hybrid semiconductor/semiconductor/metal structure. The synthesis involves the reduction of Pt–acetylacetonate to achieve selective growth of a Pt metal tip onto one side of the CdS rod, followed by the thermal decomposition of Pb–bis(diethyldithiocarbamate) to grow a PbS nanocrystal onto the other tip of the nanorod. The band alignment between the two semiconductor components as well as the alignment with the Fermi level of the metal could support intraparticle charge transfer, which is often sought after for photocatalysis applications. Yet, we show, using femtosecond transient differential absorption spectroscopy (TDA), that carrier dynamics in such a hybrid system can be more complex than that predicted simply by bulk band alignment considerations. This highlights the importance of the design of band alignment and interface passivation and its role in affecting carrier dynamics within hybrid nanostructures.