Photonic materials have drawn considerable attention for a great deal of promising applications with versatile optical characteristics and functionalities. This review provides a concise overview of co‐assembly strategies for the creation of photonic crystals, offering precise control over structural colors throughout the entire visible spectrum by manipulating the interaction of light with complex micro‐nano structures. Specifically, the utilization of block copolymers (BCPs) and colloidal nanoparticles as wavelength‐scale building blocks facilitates the modulation of defined nanostructures with functionality and tailorability for diverse coloration effects. Additionally, by facilely adjusting the relative ratios, a flexible balance can be struck between photonic crystals and photonic glasses for dynamic control of arrangements. Finally, this review concludes by discussing the future outlook and challenges in advancing co‐assembly‐based photonic functional materials.