Quantum systems of different sizes, ranging from small bipartite systems to large many-body ensembles, can be studied with the help of modern quantum optical experiments. These experiments make it possible to observe a broad variety of striking features, including nonclassical correlations, complex dynamics and quantum phase transitions. By adopting the complementary perspectives of quantum information theory, quantum chemistry and many-body theory, the thesis develops new methods for the efficient characterization and description of interacting, composite quantum systems.