Solution-processed semiconducting transition metal dichalcogenides are emerging as promising two-dimensional materials for photovoltaic and optoelectronic applications. Here, we have used transient absorption spectroscopy to provide unambiguous evidence and distinct signatures of photogenerated excitons and charges in solution-processed few-layer MoS2 nanoflakes (10–20 layers). We find that photoexcitation above the direct energy gap results in the ultrafast generation of a mixture of free charges in direct band states and of excitons. While the excitons are rapidly trapped, the free charges are long-lived with nanosecond recombination times. The different signatures observed for these species enable the experimental extraction of the exciton binding energy, which we find to be ∼80 meV in the nanoflakes, in agreement with reported values in the bulk material. Carrier-density-dependent measurements bring new insights about the many-body interactions between free charges resulting in band gap renormalization effects in the few-layer MoS2 nanoflakes.