Since its inception, quantum information processing (QIP) has been branched into many new directions. As well as well-known applications such as teleportation and metrology, researchers are beginning to investigate interdisciplinary areas such as quantum machine learning. One of the interesting areas is where quantum information science meets stochastic modelling, from the field of complexity science. Recently, it has been shown theoretically that, for simulating classical systems, quantumassisted models and simulators are more efficient in terms of memory storage they require to do simulations, compared with classical computers. That is, for most systems, classical simulators demand an excessive amount of memory storage, while quantum simulators can do the same simulation with less memory. The main focus of this thesis is on experimental realisation of quantum simulators that are capable of simulating stochastic processes with a reduced amount of memory. To implement the (nearly) exact simulation of stochastic processes using quantum simulators, it is essential to have low-noise state preparation, robust unitary operations, and high-precision read-out. These requirements, and the flexibility and precision of photonic quantum optics, make photonics the ideal system for developing the science of this new quantum advantage and for making strides towards its technological realisation. In the context of stochastic simulation, I have experimentally studied three key problems that serve as stepping stones in advancing this new field. In the first experiment, an error-tolerant quantum simulator was designed, and realised to simulate a 1D Ising spin chain, using internal states that store less information than the corresponding classical approach. Furthermore, an interesting and fundamental phenomenon named the ambiguity of simplicity is witnessed. This is the inconsistency that we observe in the order of relative complexity of two systems when we change the simulators from classical to quantum. In the second experiment, a quantum simulator was built that can simulate classical processes for more than one step of the simulation at a time, storing the information from multiple steps coherently. In the third experiment, a new type of quantum memory advantage, which is based on the dimensionality of the memory register, rather than on information entropy measure, is demonstrated. This advantage is realisable in a single simulator, in contrast to previous works. Realising the dimensionality memory advantage in practical applications does not rely on running multiple simulators in parallel.In the field of optical QIP, realising an ideal single-photon source has been a longstanding challenge. In another part of my PhD, I have worked on a source that aims to tackle some of the existing issues in this context. We built a source of high-quality entangled photons with a high heralding efficiency, which has the potential to be used in multi-photon experiments. This source was also essential to demonstrate a fundamental task in quantum non-locality, one-way steering, which was performed conclusively for the first time.