Fluorescent nanoparticles are characterized by their unique properties such as luminescence, optical transparency, and sensitivity to various chemical environments. For example, semiconductor nanocrystals (quantum dots), which are nanophosphors doped with transition metal or rare earth ions, can be classified as fluorescent nanoparticles. Tuning their optical and physico-chemical properties can be carried out by considering and taking advantage of nanoscale effects. For instance, quantum confinement causes a much higher fluorescence with nanoparticles than with their bulk counterparts. Recently, various types of fluorescent nanoparticles have been synthesized to extend their applications to other fields. In this study, State-of-the-art fluorescent nanoparticles are reviewed with emphasis on their analytical and anti-counterfeiting applications and synthesis processes. Moreover, the fundamental principles behind the exceptional properties of fluorescent nanoparticles are discussed.