In recent decades, researchers have devoted tremendous effort into the rational design and controlled synthesis of metal nanomaterials with well-defined size, morphology, composition, and structure, and great achievements have been reached. However, the crystal-phase engineering of metal nanomaterials still remains a big challenge. Recent research has revealed that the crystal phase of metal nanomaterials can significantly alter their properties, arising from the distinct atomic arrangement and modified electronic structure. Until now, it has been relatively uncommon to synthesize metal nanomaterials with novel crystal phases in spite of the fact that these nanostructures would be promising for various applications. Here, the research progress regarding the fine control of noble metal (Au, Ag, Ru, Rh, Pd) and non-noble metal (Fe, Co, Ni) nanomaterials with novel crystal phases is reviewed. First, synthesis strategies and their phase transformations are summarized, while highlighting the peculiar characteristics of each element. The phase-dependent properties are then discussed by providing representative examples. Finally, the challenges and perspectives in this emerging field are proposed.