With the technological advancements of high‐quality lightings and high‐end displays, white light‐emitting‐diodes (w‐LEDs) are quickly developing towards high energy density excitation, high output power and high device stability, which requires outstanding thermal properties of the phosphor color converters. In this connection, all‐inorganic luminescent glass ceramic (GC), exhibiting excellent physical/chemical stability to address the serious aging and yellowing issues of conventional phosphor/silicone composite, receives great attention recently and is regarded as a new generation color converter with longevity. Herein, a thorough survey of the research progress of this kind of material is made, with focus put on the design principle, microstructure‐property relationship, packaging technology and the burgeoning application direction. Some challenging issues are discussed and potential directions are suggested for further developing the phosphor‐glass composite fulfilling various requirements in practical application. This Review can promote rapid progress of long‐lifetime high‐power w‐LEDs.