In order to effectively improve the separation efficiency of photogenerated charge carriers and thus the photocatalytic activity, in this work, porous Zn0.5Cd0.5S nanosheets with a controlled amount of S vacancies were prepared by a multistep chemical transformation strategy using the inorganic-organic hybrid ZnS-ethylenediamine (denoted as ZnS(en)0.5) as a hard template. The amount of S vacancies and the morphology of the Zn0.5Cd0.5S nanostructures were tailored by adjusting the hydrolysis time. Furthermore, we report the observation of S vacancies in porous Zn0.5Cd0.5S nanosheets at the atomic level using spherical aberration-corrected (Cs-aberrated) transmission electron microscopy (Cs-corrected-TEM). The results revealed that Zn0.5Cd0.5S nanosheets with S vacancies absorb more visible light and generate more electron-hole carriers due to their porous nanosheet structure. At the same time, sulfur vacancies are introduced into the Zn0.5Cd0.5S nanosheets to capture the electrons generated by the light and further extend the lifetime of the carriers. As expected, the photocatalytic activity of Zn0.5Cd0.5S nanosheets prepared by 4 h hydrolysis is 20.5 times higher than that of Zn0.5Cd0.5S(en)x intermediates. Moreover, Zn0.5Cd0.5S-4h showed excellent cycling stability. This work provides a new strategy for the optimization of Zn0.5Cd0.5S photocatalysts to improve photocatalytic hydrogen evolution.