The concentration and manipulation of light in the nanoscale range are fundamental to nanophotonic research. Plasmonic nanoparticles can localize electromagnetic waves within subdiffraction volumes, but they also undergo large Joule losses and inevitable thermal heating. Subwavelength dielectric nanoparticles have emerged as a new class of photonic building blocks that enhance light–matter interactions within nanometric volumes. These nanoparticles exhibit strong electric and magnetic responses with negligible energy dissipation. In recent decades, the design of efficient dielectric nanoresonators has seen tremendous progress. In this review, recent theoretical and experimental advances in characterizing the optical properties of dielectric nanoparticles, from resonant single‐particle scattering characteristics to multimodal interference in complex particle assemblies, are discussed. Specific attention is paid to novel strategies employed to manipulate far‐field Mie‐type scattering, enhance local electromagnetic field, and boost magnetic resonance, as well as ultimately achieve Fano‐like resonance, unidirectional scattering (Kerker conditions), and photon waveguide. A collection of emerging applications of dielectric nanoparticles is also highlighted and the fundamental prospects of designing all‐dielectric/metallic–dielectric photonic nanostructures are considered, particularly those of functional dielectric materials and all‐dielectric 3D assemblies.