Near infrared (NIR) light utilization in a range of current technologies has gained huge significance due to its abundance in nature and nondestructive properties. NIR active lanthanide (Ln) doped upconversion nanomaterials synthesized in controlled shape, size, and surface functionality can be combined with various pertinent materials for extensive applications in diverse fields. Upconversion nanophosphors (UCNP) possess unique abilities, such as deep tissue penetration, enhanced photostability, low toxicity, sharp emission peaks, long anti-Stokes shift, etc., which have bestowed them with prodigious advantages over other conventional luminescent materials. As new generation fluorophores, UCNP have found a wide range of applications in various fields. In this Review, a comprehensive overview of lanthanide doped NIR active UCNP is provided by discussing the fundamental concepts including the different mechanisms proposed for explaining the upconversion processes, followed by the different strategies employed for the synthesis of these materials, and finally the technological applications of UCNP, mainly in the fields of bioimaging, drug delivery, sensing, and photocatalysis by highlighting the recent works in these areas. In addition, a brief note on the applications of UCNP in other fields is also provided along with the summary and future perspectives of these materials.