Rare‐earth (RE)‐activated inorganic nanophosphors have garnered significant attention due to their unique optical properties and versatile applications in fields ranging from lighting and displays to biomedical imaging. The mini review provides a concise overview of recent advances in the synthesis strategies employed for the fabrication of these nanomaterials. Various synthesis techniques, including solid‐state, sol‐gel, solution combustion, hydrothermal, co‐precipitation, and microwave methods have been discussed, highlighting their advantages and limitations in tailoring the properties of nanophosphors. Furthermore, the role of different rare earth dopants and host matrices in controlling the luminescent properties of nanophosphors has been explored. Future perspectives and emerging trends in preparation of RE‐activated inorganic nanophosphors has also been discussed, with an emphasis on addressing current challenges and exploring new avenues for the fabrication of adequate and functional nanomaterials.