Luminescent nanomaterials that can be excited, as well as emit, in the near-infrared (NIR) have been investigated for use in a plethora of applications including nanomedicine, nanoelectronics, biosensing, bioimaging, photovoltaics, photocatalysis, etc. The use of NIR light for excitation mitigates some of the drawbacks associated with high-energy (UV or blue) excitation, for example, little to no background autofluorescence from the specimen under investigation as well as no incurred photodamage. Moreover, one of the biggest limitations is of course, that of penetration. As such, NIR light can penetrate tissues much better than high-energy light especially when these wavelengths lie within the three biological windows (BW-I: 700-950, BW-II: 1000-1350, BW-III: 1550-1870 nm) where tissues are optically transparent. At the forefront of NIR excited nanomaterials are rare earth doped nanoparticles, which due to their 4f electronic energy states can undergo conventional (Stokes) luminescence and emit in the three NIR biological windows. However, unlike other classes of nanoparticles, they can also undergo a multiphoton process (known as upconversion) where the NIR excitation light is converted to higher energies resulting in anti-Stokes luminescence spanning the UV-visible-NIR regions. Perhaps the biggest impact of such materials would be in the field of disease diagnostics and therapeutics, now commonly referred to as theranostics. Due to the versatility of their optical properties, it now becomes possible to generate high-energy light (UV or blue) in situ to trigger other light activated therapeutic modalities (i.e. drug release) while using the NIR emission for diagnostics (i.e. bioimaging, nanothermometry). Here, we present the synthesis of various NIR excited (and emitting) rare earth doped core/shell (and multishell) nanoparticles and demonstrate how their luminescence properties can be exploited for potential use in diverse biomedical applications.