The rapid development of nanotechnology for the last 30 years has enabled a rapid expansion in the applications of functional nanoparticles (NPs) on optoelectronic devices. Especially, NPs are of high significance in organic light‐emitting diodes (OLEDs) as they provide feasible solutions to the enduring challenges related to higher device efficiency. The use of NPs with designed structure and functionality is demonstrated, indicative of their great application potentials in OLEDs. Herein, the recent advances in OLEDs with the utilization of functional NPs are summarized. Starting with a brief overview about the unique properties of NPs, comprehensive roles of NPs in OLEDs, which include improving carrier injection abilities, local surface plasmonic resonance, light scattering, and magnetic field effects, are discussed together with their latest research progresses. Furthermore, one‐component and multicomponent heterostructured NPs with multifunctional capabilities in OLEDs are overviewed. Following the summarization of the roles of NPs in OLEDs and their latest research progress, a brief conclusion and outlook regarding the future research directions of highly efficient OLEDs by incorporation of NPs are provided.