The use of photons to directly or indirectly drive chemical reactions has revolutionized the field of nanomaterial synthesis resulting in appearance of new sustainable laser chemistry methods for manufacturing of micro‐ and nanostructures. The incident laser radiation triggers a complex interplay between the chemical and physical processes at the interface between the solid surface and the liquid or gas environment. In such a multi‐parameter system, the precise control over the resulting nanostructures is not possible without deep understanding of both environment‐affected chemical and physical processes. The present review intends to provide detailed systematization of these processes surveying both well‐established and emerging laser technologies for production of advanced nanostructures and nanomaterials. Both gases and liquids are considered as potential reacting environments affecting the fabrication process, while subtractive and additive manufacturing methods are analyzed. Finally, the prospects and emerging applications of such technologies are discussed.