Optical transparency is an important property for a material, especially in certain fields like packaging, glazing, and displays. Existing commercial transparent polymeric materials are mostly amorphous. Semicrystalline polymers have often-superior chemical resistance and mechanical properties particularly at elevated temperatures or after solid-state drawing but they appear opaque or white in most cases. This review describes the present state-of-the-art of methodologies of fabricating optically transparent materials from semicrystalline polymers. A distinction is made between isotropic, biaxially stretched, and uniaxially stretched semicrystalline polymers. Furthermore, some functionalities of transparent nanocomposites based on semicrystalline polymers are also discussed. This review aims to provide guidelines regarding the principles of manufacturing transparent high-performance semicrystalline polymers and their nanocomposites for potential applications in fields like packaging, building, and construction, aerospace, automotive, and opto-electronics.