Squaraines belong to an important class of organic dyes with intense absorption and emission properties in the visible to near-IR wavelength range. The optical properties of squaraines, which are sensitive to the surrounding medium, make them ideal candidates to photophysists to study the excited-state properties and to material chemists for designing a variety of materials that are useful for wide-ranging applications. The present Account pertains to the recent developments in the materials chemistry of squaraines, highlighting our contributions to the study of squaraine-based near-IR dyes, low band gap polymers, and cation sensors.