In the 50+ years since the first squaraine dye, made by using 3,4‐dihydroxycyclobut‐3‐ene‐1,2‐dione (squaric acid), was reported, numerous analogues have not only been made and published, but similarly, a number of good review articles on squaraine dyes has also been published. In contrast, for the majority of this time, reports of croconaine dyes, made by using 4,5‐dihydroxy‐4‐cyclopentene‐1,2,3‐trione (croconic acid), have also been published, but they have not received the same attention as squaraine dyes. Furthermore, the only known review of croconaine dyes, which was recently published, is written in Chinese. This current review aims to document the history of croconaine dyes since their first report in a German patent in 1970. This review sources both the scientific literature and published patents, and attention is given to both synthesis and spectroscopic details.