AbstractCarboranes and BODIPYs are the well known boron containing compounds. Both are relatively easy to functionalize, and small modification in their structures allow turning of their spectroscopic properties readily suggest the importance of carborane‐BODIPY conjugates. The combination of boron rich carborane and photosensitizers activatable BODIPYs have potentials for adequate boron delivery to the cancer tissues for successful cancer therapy. This review covers the most recent development of carborane‐BODIPY conjugates in space electronic energy transfer, photoinduced electron transfer, fluorescence emission and AIE behaviors, and as promising BNCT agents. Given the high potential and flexibility of this carborane‐BODIPY conjugates, we believe that major developments are to be expected in the field of both material and medicinal science.