Correlations between the electrical and optical properties of the experimental periodical multilayers and reference thin film layers with defined microstructure have been investigated. The results indicate that thin film multilayers composed of nanolayers with thicknesses 150–10 nm might be suggested as low‐cost materials with controllable microstructure and properties. High‐quality multilayer structures with dielectric and semiconductor nanocrystals prepared by thermal evaporation show properties, which is related to high‐quality nanocrystals, but at the same time depends strongly on the defect content, especially as far as their 1–2 ps nonlinearities are concerned. Critical factors are nanocrystal purity and metal excess collection in their boundaries regions. (© 2009 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)