Encapsulation in zeolites holds considerable promise for organizing semiconductor quantum dots and quantum wires into ordered two‐ and three‐dimensional arrays that can be used in a variety of applications. While the use of such materials has been limited until now by a number of practical difficulties, considerable progress has been made in the last few years in surmounting these obstacles. This article reviews recent progress in the field, particularly with regard to stabilization of the nanocomposites against moisture, modulation of their properties by appropriate cation substitution, and preparation of materials in the form of thin films that can exhibit strong nonlinear optical activity. Finally, the article discusses the present perspectives for the field and outlines some research directions that must be pursued for these materials to achieve their full range of potential applications.