Block copolymers (BCPs) are a subclass of soft matter extensively used in materials science and nanomedicine. They consist of two or more incompatible segments and are prone to self‐assemble into nanostructures with a characteristic size of 10–100 nm. BCPs thus naturally address the structural dimension between molecular and colloidal scales. This review gives a brief overview of recent developments in BCP self‐assembly under various conditions. Special emphasis is put on linear BCPs with three or more sequentially linked blocks, i. e. ABC triblock terpolymers, ABAC tetrablock terpolymers, and so on. We discuss their microphase separation in bulk, in the confinement of nanoemulsion droplets, and their hierarchical self‐assembly to multicompartment nanostructures in selective solvents. Regarding applications, block copolymers are widely used in templating and drug delivery, but their inherent asymmetry is also particularly useful for the synthesis of Janus nanoparticles.