Dynamical electronic- and vibrational-structure theories have received a growing interest in the past few years due to their ability to simulate spectra recorded with ultrafast experimental techniques. The exact time evolution of a molecular system can, in principle, be obtained from the time-dependent version of full configuration interaction. Such an approach is, however, limited to few-atom systems due to the exponential increase of its cost with the system dimension. In the present work, we overcome this unfavorable scaling by employing the time-dependent density matrix renormalization group (TD-DMRG) which parametrizes the time-dependent wave function as a matrix product state. The time-dependent Schrödinger equation is then integrated with a sweep-based algorithm, as in standard time-independent DMRG. Unlike other TD-DMRG approaches, the one presented here leads to a set of coupled equations that can be integrated exactly. The resulting theory enables us to study real- and imaginary-time evolutions of Hamiltonians comprising more than 20 degrees of freedom that are challenging for current state-of-the-art quantum dynamics algorithms. We apply our algorithm to the simulation of quantum dynamics of models of increasing complexity, ranging from simple excitonic Hamiltonians to more complex ab initio vibronic ones.