The combination of a semiconductor and a plasmonic metal holds great promise for developing advanced photocatalysts. However, the realization of a heteronanostructure that accommodates both materials in an effective way has been a great challenge. Herein, we report a synthesis of a photocatalyst with a yolk-shell heteronanostructure, which contains a plasmonic Ag yolk inside a CdS shell. The sulfidation of Ag nanospheres followed by a controlled cation exchange reaction successfully generated the Ag-CdS yolk-shell nanostructures. The as-prepared heteronanostructures exhibited a prominent enhancement of photocatalytic activity toward hydrogen evolution reaction under visible-light irradiation compared to CdS hollow nanoparticles without the Ag yolk. This improvement can be attributed to the plasmon energy transfer from the Ag yolk to the CdS shell and the yolk-shell structure that enables the multiple reflections of the incident light.