Persistent phosphors are luminescent sources based on crystalline materials doped with rare-earth or transition metal cations able to produce light after the excitation source vanishes. Although known for centuries, these materials gained renewed interest after the discovery of Eu2+,RE3+ co-doped aluminates and silicates in the late 1990s due to their unprecedented afterglow properties. In contrast, persistent nanophosphors have emerged only recently as a nanoscale alternative to their bulk counterparts, offering exciting opportunities of particular relevance for in vivo imaging, optical data storage, or unconventional light generation. However, taking advantage of the avenues opened by nanoscience demands developing new synthetic strategies that allow precise control of the morphology, surface, and defect chemistry of the nanomaterials, along with a profound understanding of the physical mechanisms occurring in the nanoscale. Besides, advanced physicochemical characterization is required to assess persistent luminescence in a quantitative manner, which allows strict comparison among different persistent nanophosphors, aiming to propel their applicability. Herein, we revisit the main phenomena that determine the emission properties of persistent nanoparticles, discuss the most promising preparation and characterization protocols, highlight recent achievements, and elaborate on the challenges ahead.