Optical spectroscopy and imaging provide non-destructive, contactless, and fast strategies to study the nature and technological aspects of thin films and nanostructured materials for photonic and optoelectronic applications. Furthermore, the design, engineering, and optimization of such devices requires quantitative information with high-precision standards in measuring and modelling as is the case, for example, in the determination of the optical critical dimension (OCD) in the semiconductor industry. Our application of these strategies to the study of tunable self-assembled nanolasers, hybrid photonic-plasmonic sensors, and photovoltaic devices, among many other materials and devices has led us to the development of i) new modelling strategies based on the Finite-Difference Time-Domain (FDTD) method, and ii) home-made customizable characterization strategies based on spectroscopic ellipsometry (SE). The advantages of the FDTD method include its ability to i) obtain a wide spectral response from one time-domain simulation, ii) model single non-periodic structures, and iii) flexibility and generality to include, for example, non-linear and thermal effects. On its part, SE stands out from other optical techniques because, as a self-referenced and phase sensitive strategy, it can deliver extreme precision and sensitivity and has demonstrated flexibility that has been implemented in multiple spectral ranges and operation conditions. With this in mind, our group has systematically demonstrated the synergic use of FDTD-SE strategy, with complementary strengths and close-matched precision, in a range of materials and devices. We will report the fundamentals, status of our on-going efforts, and a critical review of the perceived limitations and expected outcomes of the FDTD-SE strategy as a quantitative tool for photonic and plasmonic subwavelength structures of interest in optoelectronic, sensing, and energy applications.We gratefully acknowledge the financial support from the RGC (Projects CityU - 11210218, 11219919, 11215121 and 11310122) and ITC (Project ITS/461/18) of HKSAR, China.