Significant effort has been made in the exploration of novel lanthanide‐activated phosphors with multicolor emission over the last decade, especially highly efficient and emission tunable phosphor systems, to optimize the performance of white light‐emitting diodes with regard to their positive impact on energy efficiency, their correlated color temperature, and their color rendering index. Therefore, a research focus in recent years has been the modification and tailoring of the photoluminescence of phosphors, enabling the acquisition of new phosphors with tunable emission colors. This review aims to highlight the prevailing strategies used for tuning the photoluminescence of lanthanide‐activated phosphors. Remarkable examples of newly designed emission‐tunable phosphor materials based on these prevailing strategies are introduced in this review. A comprehensive understanding of these strategies can provide an extensive guide for the discovery and fabrication of highly efficient phosphors with tunable emission colors in the future.