Developing hybrid nanocrystals is a hot topic in materials science. Herein, a ternary hybrid nanocrystal, Ag-Ag2S-CdS, combining near infrared emission and photothermal conversion properties was demonstrated. The ternary Ag-Ag2S-CdS hybrid nanocrystals with cubic shape and uniform size were synthesized by a simple one-pot and one-step colloidal method. The growth process is self-regulated with the formation order of Ag2S, Ag, and CdS, sequentially. The formation of Ag originates from the partial reduction of Ag2S, while the formation of CdS is through an Ag2S catalytic mechanism based on its superionic feature. The obtained ternary hybrid nanocrystals show near infrared emission and photothermal conversion properties in a lab-on-a-particle system. Importantly, an enhanced effect is observed for the photothermal conversion, which is mainly due to the presence of heterointerfaces among the crystals. This work will not only advance the synthesis chemistry of multi-component hybrid nanocrystals but also provide a possible route for the design of advanced multi-model materials used in bio-related fields.