Semiconductor nanocrystals possess size-dependent properties, which make them interesting candidates for a variety of applications, e.g., in solar energy conversion, lighting, display technology, or biolabelling. However, many of the best studied nanocrystalline materials contain toxic heavy metals; this seriously limits their potential for widespread application. One of the possible less toxic alternatives to cadmium- or lead-containing semiconductors is copper indium disulfide (CIS), a direct semiconductor with a bandgap in the bulk of 1.45 eV and a Bohr exciton radius of 4.1 nm. This Review gives an overview of the methods developed during the last years to synthesize CIS nanocrystals and summarizes the possibilities to influence their shape, composition and crystallographic structure. Also the potential of the application of CIS nanocrystals in biolabellling, photocatalysis, solar energy conversion, and light-emitting devices is discussed.