The combination of lanthanides and nanoparticles to develop new hybrid nanomaterials has become a highly topical area of research in the field of sensing, biomedical imaging, drug delivery, etc. However, these novel nanomaterials have to be carefully designed to ensure that the unique properties conveyed by each component, i.e., lanthanide ions and nanoparticles, are maximized and not negatively affected by one another. In this Forum Article, the main advances in the design of lanthanide-based nanoparticles will be discussed, with the first part focusing on the design of gadolinium(III)-based nanoparticles and their use as magnetic resonance imaging agents. The second part will then describe the main and most recent designs of luminescent lanthanide-based nanoparticles and their applications as sensors or imaging agents, with a special emphasis on our contribution to this area.