Due to the superb tunable properties of quantum dots (QDs), they have been largely studied in the past few decades for many promising applications. However, for a single nanocrystal QD, its properties are largely limited due to limited tunability of the composition, charge carrier dynamics, band alignment, and so on. Thus, to solve the problem, and enhance their physical, chemical, electrical, and optical properties, the heterostructure nanocrystals (NCs), which combine single NCs with other materials of either semiconductor or metal, are proposed. In these heterostructures, their properties can be modified through tailoring the band alignment, and therefore providing a great potential for widespread applications. Here, an overview of strategies for band alignment engineering, synthesis methods, and the corresponding applications, such as lighting devices, lasers, photocatalysis, biological applications are offered.