The inorganic colloidal nanocrystals (ICNCs) have received a great deal of interest because of their tunable electronic and optical properties with coarse and finely controlled compositions, morphologies and thus, hybrid nanostructures have a wide range of applications in supercapacitor, luminescent solar concentrators (LSCs) and photothermal therapy (PPT). The ion exchange (IEx) process includes great diffusion rates of parent nanoparticles (NPs) ions from their crystal structure and their complete dissociation in specific solvents. The bond dissociation energies (BDEs) of different transition metal atoms with specific p‐block elements have been reviewed to analyze their effect on the IEx process. The alloy and doped and inorganic perovskite ICNCs have been synthesized via different IEx methodologies, showing varied photoluminescence quantum yields (PLQYs), nano‐dimensional morphology, composition, reaction time and temperature, and their performance for a specific application have been tabulated. The perovskite nanocrystals (NCs) are responsible for fast IEx dynamics that drop to homogenization in their composition, leading to NCs emitting in a narrow spectral region acting as an intermediate between those of the model NPs. The nanoscale metal‐organic particles (NMOPs) have opened plausible opportunities for their application in nanomedicine having highly enriched functionalities, well‐designed shapes/sizes, adjustable compositions, and intrinsic biodegradability. The potential to develop well‐designed heterostructures and for the growth of large‐area monocrystalline CsPbBr3 thin films provide a strong base for fundamental investigations of the intrinsic properties of perovskite‐based devices. The Cs3Sb2I9 is an active emitter layer that directs us toward low‐dimensional lead‐free A3B2X9 perovskite optoelectronic materials.