This dissertation focuses on projects where optical techniques were employed to characterize novel materials, developing concepts toward next generation of devices. The materials that I studied included InAsP, InMnSb and InMnAs, and BT-BCN. I have employed several advanced time resolved and magneto-optical techniques to explore unexplored properties of these structures. The first class of the materials were the ternary alloys InAsP. The electron g-factor of InAsP can be tuned, even allowing for g=0, making InAsP an ideal candidate for quantum communication devices. Furthermore, InAsP shows promises for opto-electronics and spintronics, where the development of devices requires extensive knowledge of carrier and spin dynamics. Thus, I have performed time and polarization resolved pump-probe spectroscopy on InAsP with various compositions. The carrier and spin relaxation time in these structures were observed and demonstrated tunability to the excitation wavelengths, composition and temperature. The sensitivity to these parameters provide several avenues to control carrier and spin dynamics in InAsP alloys. The second project focused on the ferromagnetic narrow gap semiconductors InMnAs and InMnSb. The incorporation of Mn can lead to ferromagnetic behavior of InMnAs and InMnSb, and enhance the g-factors, making them ideal candidates for spintronics devices. When grown using Molecular Beam Epitaxy (MBE), the Curie temperature (textit{$T_c$}) of these structures is textless 100 K, however structures grown using Metalorganic Vapor phase Epitaxy (MOVPE) have textit{$T_c$} textgreater 300 K. Magnetic circular dichroism was performed on MOVPE grown InMnAs and InMnSb. Comparison of the experimental results with the theoretical calculations provides a direct method to map the band structure, including the temperature dependence of the spin-orbit split-off band to conduction band transition and g-factors, as well as the estimated sp-d electron/hole coupling parameters. My final project was on the lead-free ferroelectric BT-BCN. Ferroelectric materials are being investigated for high speed, density, nonvolatile and energy efficient memory devices; however, commercial ferroelectric memories typically contain lead, and use a destructive reading method. Reflectometry measurements were used in order to determine the refractive index of BT-BCN with varying thicknesses, which can provide a means to nondestructively read ferroelectric memory through optical methods. / Ph. D.