Core–shell microgels are crosslinked nanosized spherical particles with a chemical composition that is different on the surface compared to the core region. By employing a core with special optical properties, e.g., a core labeled either with organic dye molecules or noble metal clusters (see Figure), these particles are perfectly suited as optical tracers in diffusion measurements. Here, the shell may be important for several reasons: (i) as a protective coating to suppress any influence of the labels on particle mobility, (ii) to optically separate individual particles even at high concentrations, and (iii) to compatibilize the particles with e.g., polymeric chains. Recent developments in the field of crosslinked core–shell particles are reviewed here, with a focus on such optical tracer systems.