Rare earths (RE) refer to the lanthanide elements La-Lu together with Sc and Y. Conventionally, they have found applications in phosphors, magnets, catalysts, fuel cell electrodes/electrolyte. Here in this chapter, we discuss the synthesis, assembly and applications of rare earth based anisotropic nanomaterials. Regarding synthesis, the anisotropic growth behaviors of these nanocrystals are predominantly governed by their own unique crystal structures. Yet for wet-chemistry synthetic methods where a number of parameters could be finely tuned, the addition of particular coordination agents, templating agents or mineralizers has proven to be an effective way to direct the growth of nanocrystals into some anisotropic structures. Regarding applications, anisotropic nanomaterials, compared to their isotropic counterparts, often exhibit distinct properties. For example, the luminescence of anisotropic nanomaterials can display polarization and site-specific features. As for rare earth nanomaterials as magnetic resonance imaging (MRI) contrast agents, the high surface area of anisotropic nanostructures can give rise to superior performances. And for catalysis applications, anisotropic nanomaterials expose rich, highly active facets, which is of great importance for facet-selective catalytic reactions. In the chapter, we will start with introduction of the crystal structures of rare earth compounds, then briefly summarize the synthesis and assembly of rare earth anisotropic nanomaterials, and discuss their properties and applications in three realms, namely, luminescence, magnetism and catalysis.