The expansion of d‐orbitals as a result of metal‐ligand bond covalence, the so‐called nephelauxetic effect, is a well‐established concept of coordination chemistry, yet its importance for the design of new photoactive complexes based on first‐row transition metals is only beginning to be recognized. Until recently, much focus has been on optimizing the ligand field strength, coordination geometries, and molecular rigidity, but now it becomes evident that the nephelauxetic effect can be a game changer regarding the photophysical properties of 3d metal complexes in solution at room temperature. In CrIII and MnIV complexes with the d3 valence electron configuration, the nephelauxetic effect was exploited to shift the well‐known ruby‐like red luminescence to the near‐infrared spectral region. In FeII and CoIII complexes with the low‐spin d6 electron configuration, charge‐transfer excited states were stabilized with respect to detrimental metal‐centered excited states, to improve their properties and to enhance their application potential. In isoelectronic (3d6) isocyanide complexes of Cr0 and MnI, the nephelauxetic effect is likely at play as well, enabling luminescence and other favorable photoreactivity. This minireview illustrates the broad applicability of the nephelauxetic effect in tailoring the photophysical and photochemical properties of new coordination compounds made from abundant first‐row transition metals.