Counterfeiting of banknotes, important documents, and branded goods continues to be a major worldwide problem for governments, businesses, and consumers. This problem has serious financial, security, and health implications. Due to their stability for printing on various substrates, the photochromic anticounterfeiting inks have received important interest. There have been various photochromic agents, such as polymer nanoparticles, quantum and carbon dots, and organic and inorganic fluorophores and luminophores, which have been broadly used for antiforging applications. In comparison to organic agents, inorganic photochromic materials have better stability under reversible/long‐term light illumination. Recently, the remarkable optical characteristics and chemical stability of photoluminescent and photochromic agents have led to their extensive usage anticounterfeiting products. There have been also several strategies to tackle the rising problem of counterfeiting. Both of solvent‐based and water‐based inks have been developed for security encoding purposes. Additionally, the printing methods, including screen printing, labeling, stamping, inkjet printing, and handwriting, that have been used to apply anticounterfeiting inks onto various surfaces are discussed. The limitations of photoluminescent and photochromic agents and the potential for their future preparation to combat counterfeiting were discussed. This review would benefit academic researchers and industrial developers who are interested in the area of security printing.