3D anisotropic semiconductor nanostructures have unique physical properties including a high aspect ratio, optical polarization anisotropy, polarized photoluminescence, giant birefringence, and many others. Theoretical studies of anisotropic semiconductor nanostructures have shown that their electronic and optical properties dramatically depend on their shape and size. These factors open up an access to new generation of optical, optoelectronic, and light‐harvesting devices. In this article, we demonstrate advances in the development of new 3D quantum‐confined colloidal nanostructures such as semiconductor nanotetrapods, nanomultipods, nanoflowers, nanostar and other shapes. We present the latest progress in various colloidal chemistry approaches for the synthesis of these nanostructures. We also consider the self‐organization of quantum dots in 3D superparticles. We discuss structure–property relations as well as the corresponding potential applications of these nanomaterials in light‐harvesting, energy‐conversion devices, sensing, photocatalysis, biology, and other areas. Finally, we provide conclusions and an outlook for the future development of anisotropic semiconductor nanomaterials and their technological prospects.