Fluorescent derivatives of phosphorhydrazone dendrimers are reviewed. Diverse types of fluorophores have been used, such as pyrene, naphthol, anthracene, dansyl, diketone, phthalocyanine, maleimide, julolidine, rhodamine, fluorescein, or fluorene derivatives. The fluorescent groups can be located either as terminal groups on the surface, at the core, linked to the core (off‐center), or to the branches of the dendritic structure. After fundamental research on their synthesis, these compounds have been used in the fields of catalysis, nanomaterials, OLEDs, sensors and biology/nanomedicine, in particular for monitoring transfection, or for their anti‐inflammatory or anti‐cancer properties.