Engineering the dynamics of excitons, including charge generation, diffusion, and recombination in semiconductor−polymer nanocomposites, provides a powerful platform for fundamental and applied interests in linear and nonlinear optics. In this work, we have reported the modulation and generation of multiple excitons in ternary composite consisting of core−shell ZnO@MoS 2 heterostructures and fibrous polyaniline (PANI). The investigation of nonlinear optical properties of MoS 2 -based nanocomposite films shows that pure MoS 2 thin films show typical saturable absorption (SA) behavior while a crossover from SA to reverse saturable absorption (RSA) occurs for ZnO@MoS 2 binary composites. Interestingly, after the addition of conducting polymer PANI, the ternary composite thin films again exhibit an SA response. Particularly, the Pauli blocking effect induces SA in MoS 2 , whereas the nonlinear response in the ternary composites can be attributed to the hybridization of multiple excitons. Therefore, our findings, which reveal the role of engineered excitonic behavior, can offer several opportunities for multifunctional photonic devices.