Over the past two decades, there have been sizable efforts to realize condensed phase optical cooling. To date, however, there have been no verifiable demonstrations of semiconductor-based laser cooling. Recently, advances in the synthesis of semiconductor nanostructures have led to the availability of high-quality semiconductor nanocrystals, which possess superior optical properties relative to their bulk counterparts. In this review, we describe how these nanostructures can be used to demonstrate condensed phase laser cooling. We begin with a description of charge carrier dynamics in semiconductor nanocrystals and nanostructures under both above gap and below-gap excitation. Two critical parameters for realizing laser cooling are identified: emission quantum yield and upconversion efficiency. We report the literature values of these two parameters for different nanocrystal/nanostructure systems as well as the measurement approaches used to estimate them. We identify CsPbBr 3 nanocrystals as a potential system by which to demonstrate verifiable laser cooling given their ease of synthesis, near-unity emission quantum yields and sizable upconversion efficiencies. Feasibility is further demonstrated through numerical simulations of CsPbBr 3 nanocrystals embedded in an aerogel matrix. Our survey generally reveals that optimized semiconductor nanocrystals and nanostructures are poised to demonstrate condensed phase laser cooling in the near future.