Group VI transition metal chalcogenides are the subject of increasing research interest for various electrochemical applications such as low-temperature water electrolysis, batteries, and supercapacitors due to their high activity, chemical stability, and the strong correlation between structure and electrochemical properties. Particularly appealing is their utilization as electrocatalysts for the synthesis of energy vectors and value-added chemicals such as C-based chemicals from the CO2 reduction reaction (CO2R) or ammonia from the nitrogen fixation reaction (NRR). This review discusses the role of structural and electronic properties of transition metal chalcogenides in enhancing selectivity and activity toward these two key reduction reactions. First, we discuss the morphological and electronic structure of these compounds, outlining design strategies to control and fine-tune them. Then, we discuss the role of the active sites and the strategies developed to enhance the activity of transition metal chalcogenide-based catalysts in the framework of CO2R and NRR against the parasitic hydrogen evolution reaction (HER); leveraging on the design rules applied for HER applications, we discuss their future perspective for the applications in CO2R and NRR. For these two reactions, we comprehensively review recent progress in unveiling reaction mechanisms at different sites and the most effective strategies for fabricating catalysts that, by exploiting the structural and electronic peculiarities of transition metal chalcogenides, can outperform many metallic compounds. Transition metal chalcogenides outperform state-of-the-art catalysts for CO2 to CO reduction in ionic liquids due to the favorable CO2 adsorption on the metal edge sites, whereas the basal sites, due to their conformation, represent an appealing design space for reduction of CO2 to complex carbon products. For the NRR instead, the resemblance of transition metal chalcogenides to the active centers of nitrogenase enzymes represents a powerful nature-mimicking approach for the design of catalysts with enhanced performance, although strategies to hinder the HER must be integrated in the catalytic architecture.