Bismuth (Bi) has achieved remarkable progress due to its intriguing physicochemical properties, such as low toxicity, controllable stability, tunable bandgap, superior optical response, and strong diamagnetism. Bi-based hybrids have drawn increasing attention in recent years due to the integrated features of the Bi component and the synergistic effect on the separation and transfer of charges, holding great promises for versatile applications. In this Perspective, we systematically review the recent progress on the controlled synthesis of Bi-based heterostructures and their improved nanophotonic performances compared with those of mono-element Bi counterparts and present the existing challenges and future opportunities. It is anticipated that this Perspective can shed light on new designs of high-performance functional Bi-based heterostructures to meet the growing demand for next-generation nanophotonic systems.