Hybrid perovskite and all-inorganic perovskite have attracted much attention in recent years owing to their successful use in the photovoltaic field. Usually the perovskite is used in its bulk form, although recently, perovskites' nanocrystalline form has received increased attention. Recent developments in the evolving research field of nanomaterial-based perovskite are reviewed. Both hybrid organic-inorganic and all-inorganic perovskite nanostructures are discussed, as well as approaches to tune the optical properties by controlling the size and shape of perovskite nanostructures. In addition, chemical modifications can change the perovskite nanostructures' band-gap, similar to their bulk counterpart. Several applications, including light-emitting diodes, lasers, and detectors, demonstrate the latent potential of perovskite nanostructures.