Hybrid nanostructures composed of semiconductor and plasmonic metal components are receiving extensive attention. They display extraordinary optical characteristics that are derived from the simultaneous existence and close conjunction of localized surface plasmon resonance and semiconduction, as well as the synergistic interactions between the two components. They have been widely studied for photocatalysis, plasmon‐enhanced spectroscopy, biotechnology, and solar cells. In this review, the developments in the field of (plasmonic metal)/semiconductor hybrid nanostructures are comprehensively described. The preparation of the hybrid nanostructures is first presented according to the semiconductor type, as well as the nanostructure morphology. The plasmonic properties and the enabled applications of the hybrid nanostructures are then elucidated. Lastly, possible future research in this burgeoning field is discussed. (Plasmonic metal)/semiconductor hybrid nanostructures are currently of increasing interest owing to their rich and attractive physical and chemical properties derived from localized plasmon resonance and semiconduction. In this article, the preparation, properties, and applications of this type of hybrid nanostructure are reviewed. Future directions in this field are also discussed.