Metal–dielectric hybrid metamaterials have attracted increasing research interest in recent years because of their novel optical properties and promising applications in the fields of electronic and photonic devices. Dielectric permittivity is a key parameter that strongly influences the optical properties of materials. By self‐assembling the metallic and dielectric components in a pillar‐in‐matrix structure, a strong anisotropic structure forms and results in opposite signs of permittivity components (i.e., ε|| > 0 and ε⊥ < 0, or vice versa) and exotic optical responses including hyperbolic dispersion in the visible to near‐infrared region. Herein, the main approaches of tuning the permittivity in self‐assembled metal–dielectric vertically aligned nanocomposite (VAN) thin films are reviewed, including tuning the metal pillar density and geometry, film strain state and background pressure during growth, and seeking other metal‐free and complex structure designs. Future research directions are also proposed, including unique approaches to improve their thermal stability, integrate on flexible substrates toward wearable device fabrication, and explore real‐time tunable metamaterials.