Along the twentieth century, the electronic properties of bismuth have been widely studied, especially in relation with its magnetoresistive and thermoelectric responses. In this context, a particular emphasis has been made on electronic confinement effects in bismuth nanostructures (or nanobismuth). In the recent years, the optical properties of bismuth nanostructures are focusing a growing interest. An increasing number of reports point at the potential of such nanostructures to support plentiful optical resonances over an ultrabroad spectral range: "interband plasmonic" resonances in the ultraviolet, visible, and nearinfrared; dielectric Mie resonances in mid-and far-infrared; and conventional free-carrier plasmonic resonances in the farinfrared and terahertz. With the aim to provide a comprehensive basis for exploiting the full optical potential of bismuth nanostructures, we review the current progress in their controlled fabrication, the trends reported (from theoretical calculations and experimental observations) for their optical and plasmonic response, and their emerging applications, including photocatalysis and switchable metamaterials.