Energy shortages and environmental pollution have become one of the important global issues, and semiconductor photocatalytic technology is considered one of the most effective means to solve these problems. As a new and efficient green material, ZnO has attracted wide attention. ZnO is widely used in the field of photocatalysis due to its non-toxicity, low cost, environmental friendliness, adjustable band gap, high electron density, and chemical stability. However, the recombination of photogenerated charge carriers in ZnO hinders its practical application and lowers the utilization efficiency of visible light. On the other hand, molybdenum disulfide/reduced graphene oxide (MoS2/rGO), as a binary non-precious metal co-catalyst, has a larger specific surface area, suitable band gap width, and visible light response capability compared to a single-phase graphene co-catalyst. Therefore, introducing the MoS2/rGO co-catalyst into the ZnO system can provide more active sites, reduce the probability of photogenerated charge carrier recombination, and improve the utilization efficiency of visible light. In this review, we summarize the hydrothermal synthesis methods for preparing this highly demanded nanocomposite material, including one-step and stepwise methods. Subsequently, we elaborate on the mechanism of enhancing light absorption and achieving efficient electron-hole separation behavior in the ternary system heterojunction structure during the photocatalytic process. Due to its significant advantages, this ternary system heterojunction structure has been widely applied in the field of photocatalysis, including applications such as pollutant degradation, sterilization, and water splitting.