The basic physical concepts and main characteristics of transient photoluminescence upconversion spectroscopy, including requirements for nonlinear crystals, acceptance angle, quantum efficiency for upconversion, group velocity mismatch, and photometric calibration, are presented. The main aspects relevant to building an ultrafast upconversion spectrometer are emphasized. Single‐wavelength and broadband implementations of the technique, as well as photoluminescence upconversion microscope, have been presented and discussed. Application examples of the technique in different fields of physics, chemistry, and biology have been presented.