Perovskite nanocrystals (PNCs) have recently emerged as a new type of promising photocatalytic semiconductor due to their unique photoelectrochemical properties, including tunable bandgap and crystal structure, entire visible spectral response, and versatile chemical processability. However, under practical circumstance, this type of pure‐phase PNCs photocatalyst demonstrates poor stability, limited light utilization, and high carrier recombination, resulting in low solar power conversion efficiency and inferior catalytic activity. To address these issues, extensive research efforts have been devoted to developing PNCs‐based heterostructures. Thus, a perspective on the development of PNCs‐based heterophotocatalysts is timely. In this Review, the progress of PNCs‐based heterophotocatalysts is presented starting from fundamental properties (i.e., crystal and bandgap structure, photoelectronic properties, etc.) to state‐of‐the‐art applications with a focus on stability improving, dispersion enhancing, and interfacial charge carrier dynamic optimizing. Critical insights are further provided into the existing challenges and prospects for high‐quality PNCs‐based heterostructures in advanced photocatalytic applications.