Composite inorganic nanoarchitectures, based on combinations of distinct materials, represent advanced solid-state constructs, where coexistence and synergistic interactions among nonhomologous optical, magnetic, chemical, and catalytic properties lay a basis for the engineering of enhanced or even unconventional functionalities. Such systems thus hold relevance for both theoretical and applied nanotechnology-based research in diverse areas, spanning optics, electronics, energy management, (photo)catalysis, biomedicine, and environmental remediation. Wet-chemical colloidal synthetic techniques have now been refined to the point of allowing the fabrication of solution free-standing and easily processable multicomponent nanocrystals with sophisticated modular heterostructure, built upon a programmed spatial distribution of the crystal phase, composition, and anchored surface moieties. Such last-generation breeds of nanocrystals are thus composed of nanoscale domains of different materials, assembled controllably into core/shell or heteromer-type configurations through bonding epitaxial heterojunctions. This review offers a critical overview of achievements made in the design and synthetic elaboration of colloidal nanocrystal heterostructures based on diverse associations of transition metals (with emphasis on plasmonic metals) and transition-metal oxides. Synthetic strategies, all leveraging on the basic seed-mediated approach, are described and discussed with reference to the most credited mechanisms underpinning regioselective heteroepitaxial deposition. The unique properties and advanced applications allowed by such brand-new nanomaterials are also mentioned.