This paper reviews recent advances in chemical synthesis, self‐assembly, and potential applications of monodisperse binary FePt nanoparticles. After a brief introduction to nanomagnetism and conventional processes of fabricating FePt nanoparticles, the paper focuses on recent developments in solution‐phase syntheses of monodisperse FePt nanoparticles and their self‐assembly into nanoparticle superlattices. The paper further outlines the surface, structural, and magnetic properties of the FePt nanoparticles and gives examples of three potential applications in data storage, permanent magnetic nanocomposites, and biomedicine.