The rapid development of emerging technologies observed in recent years, such as artificial intelligence, machine learning, mobile internet, big data, cloud computing, and the Internet of Everything, are generating escalating demands for expanding the capacity density, and speed in next‐generation optical communications. This poses a significant challenge to existing communication techniques. Within this context, the integration of near‐infrared broadband, tunable, and high‐gain luminescent materials into silicon optical circuits or fiber architectures to transmit and modulate light shows enormous potential for advancing next‐generation communication techniques. Here, this review provides an overview of the recent breakthroughs in near‐infrared luminescent epitaxial/colloidal quantum dots, and metal‐active‐center‐doped materials for broadband optical amplifiers and tunable lasers. We also expound on efforts to enhance the bandwidth and gain of these materials‐based amplifiers and lasers, exploring the challenges associate with developing ultra‐broadband and high‐speed optical communication systems. Additionally, the potential applications in Fifth Generation Fixed Networks, integration with 5G and 6G wireless networks, compensation for current Si electronic based CMOS for high computing capability, and the prospects of these light sources for next‐generation optoelectronic devices are discussed.image