In the past 2 decades, multicolour light‐emissive nanomaterials have gained significant interest in chemical and biological sciences because of their unique optical properties. These materials have drawn much attention due to their unique characteristics towards various application fields. The development of novel nanomaterials has become the pinpoint for different application areas. In this review, the recent progress in the area of multicolour‐emissive nanomaterials is summarized. The different emissions (white, orange, green, red, blue, and multicolour) of nanostructure materials (metal nanoclusters, quantum dots, carbon dots, and rare earth‐based nanomaterials) are briefly discussed. The potential applications of different colour‐emissive nanomaterials in the development of fluorescent inks, light‐emitting diodes, cell imaging, and sensing devices are briefly summarized. Finally, the future perspectives of multicolour‐emissive nanomaterials are discussed.