Triarylmethanes, compounds in which the central carbon atom is attached to three aryl rings, have a wide variety of photophysical properties which are utilized in the dye industry and also in the development of novel fluorescent tags and biomarkers. The aryl rings attached to the central carbon atom of the parent molecule triphenylmethane can freely rotate. Bridging the aryl rings of triarylmethanes with heteroatoms or through bonds decreases the conformational flexibility enjoyed by the parent molecules. Conformationally restricted triarylmethane (CRT) molecules like 9‐arylxanthenes (oxygen bridging), 9‐arythioxanthenes (sulfur bridging), 9,10‐dihydro,9‐arylacridines (nitrogen bridging), and 9‐arylfluorenes (bridging through C–C bond) have decreased conformational flexibility and display amphihydric behavior which results in benzenoid structure and quinoid structure of these molecules. The quinoid form of these molecules displays very rich photophysical properties which are the subject of this review. These molecules also have widespread utility, and over the last decade, a number of studies have been focused on the synthesis, photophysical properties, and applications of molecules derived from this core structure. Through this review, we intend to give the readers an outlook on the different strategies employed to synthesize these molecules and also provide a broader perspective on the various intriguing properties of these molecules. The applications of these classes of molecules in diverse fields like photocatalysis, chemical biology, pharmaceutical chemistry, and bio‐imaging are discussed. Also, the areas that need to be further developed are highlighted, which may provide a further impetus in the development of this class of molecules.