Energy consumption of buildings during heating and cooling accounts for about 15% of global total energy consumption. Advanced dynamic switchable windows that enable independent control of solar heat will contribute to optimal energy efficiency in heating, cooling, and artificial lighting systems throughout buildings. Recently, energy‐efficient plasmonic electrochromic smart windows (PESWs) based on metal oxide nanocrystals (NCs) have been gaining increasing attention due to their effective and controllable regulation over the near‐infrared region of the solar spectrum without affecting the dynamic visible transmittance of the smart windows. Herein, the current state‐of‐the‐art results of colloidal metal oxide NCs for PESWs are highlighted, along with their design strategies and working principles. The recent research status of PESWs in typical colloidal metal oxide NCs is reviewed in detail, and the challenges and corresponding countermeasures in this field are discussed. Furthermore, an outlook into novel opportunities in PESW‐related academic research and how to accelerate the pace of real‐world applications is presented.