Surface capping is an essential component of nanoparticles as it provides access to their outstanding properties in the real world. Upconversion nanoparticles are predominantly interesting for use in biological environments, due to their excellent optical properties such as the conversion of near‐infrared excitation light into emissions in the visible or UV range of the spectrum, high photostability, and the absence of any intermittence. One of the most efficient upconversion nanoparticles, consisting of lanthanide doped NaYF4, suffers from limited stability in aqueous media. This study investigates a set of five types of surface coatings, ranging from small ligands to polymers of different charge and different coordinating groups, on monodisperse 28 ± 0.9 nm sized NaYF4(Yb,Er) nanoparticles modified by a two‐step ligand exchange mediated by NOBF4. Information on the long‐term chemical and colloidal stability for highly diluted aqueous dispersions of these particles is acquired by transmission electron microscopy, dynamic light scattering, and luminescence spectroscopy. The findings are of importance for the development of probes and labels based on upconversion nanoparticles for biological applications.