Luminescent nanomaterials have attracted great attention in luminescence‐based bioanalysis due to their abundant optical and tunable surface physicochemical properties. However, luminescent nanomaterials often suffer from serious autofluorescence and light scattering interference when applied to complex biological samples. Time‐resolved luminescence methodology can efficiently eliminate autofluorescence and light scattering interference by collecting the luminescence signal of a long‐lived probe after the background signals decays completely. Lanthanides have a unique [Xe]4fN electronic configuration and ladder‐like energy states, which endow lanthanide‐doped nanoparticles with many desirable optical properties, such as long luminescence lifetimes, large Stokes/anti‐Stokes shifts, and sharp emission bands. Due to their long luminescence lifetimes, lanthanide‐doped nanoparticles are widely used for high‐sensitive biosensing and high‐contrast bioimaging via time‐resolved luminescence methodology. In this review, recent progress in the development of lanthanide‐doped nanoparticles and their application in time‐resolved biosensing and bioimaging are summarized. At the end of this review, the current challenges and perspectives of lanthanide‐doped nanoparticles for time‐resolved bioapplications are discussed.