Inorganic nanocrystals possess unique physicochemical properties compared to their bulk counterparts. Stabilizing agents are commonly used for the preparation of inorganic nanocrystals with controllable properties. Particularly, colloidal polymers have emerged as general and robust templates for in situ formation and confinement of inorganic nanocrystals. In addition to templating and stabilizing inorganic nanocrystals, colloidal polymers can tailor their physicochemical properties such as size, shape, structure, composition, surface chemistry, and so on. By incorporating functional groups into colloidal polymers, desired functions can be integrated with inorganic nanocrystals, advancing their potential applications. Here, recent advances in the colloidal polymer‐templated formation of inorganic nanocrystals are reviewed. Seven types of colloidal polymers, including dendrimer, polymer micelle, stare‐like block polymer, bottlebrush polymer, spherical polyelectrolyte brush, microgel, and single‐chain nanoparticle, have been extensively applied for the synthesis of inorganic nanocrystals. Different strategies for the development of these colloidal polymer‐templated inorganic nanocrystals are summarized. Then, their emerging applications in the fields of catalysis, biomedicine, solar cells, sensing, light‐emitting diodes, and lithium‐ion batteries are highlighted. Last, the remaining issues and future directions are discussed. This review will stimulate the development and application of colloidal polymer‐templated inorganic nanocrystals.