Rod-shaped nanocrystals (NCs) composed of ZnTe-AgInTe2 solid solution ((AgIn)xZn2(1-x)Te2, ZAITe) were synthesized in a 1-dodecanethiol solution. The resulting ZAITe NCs of 4-5 nm in width and 16-18 nm in length showed exciton peaks in the absorption spectra, regardless of their composition. The energy gap was enlarged from 1.2 to 1.6 eV by decreasing the x value of the NCs from 1.0 to 0.25. A sharp photoluminescence (PL) peak was observed in each PL spectrum of the NCs with x values of 1.0-0.5, assignable to band-edge emission, while NCs with x = 0.25 showed an additional broad PL peak originating from the defect sites due to the increased non-stoichiometry of NCs. With a decrease in x from 1.0 to 0.25, the band-edge PL peak was blue-shifted from 1010 to 809 nm in the near-IR region, accompanied by a decrease in the corresponding PL quantum yield from 47% to 0.07% due to the diminution of radiative recombination rate.