The conference "NaNaX 4--Nanoscience with Nanocrystals" held near Munich (April 11-15, 2010) brought together a wide range of scientists discussing the most important current issues in the field of colloidal nanoparticles. Chemical synthesis gives access to nanocrystals of controlled size, shape, composition, and surface functionalization. Past research mainly concentrated on cadmium and lead chalcogenide nanocrystals as well as on gold and iron oxide nanoparticles. Today, there is a trend toward the development of nanoscale heterostructures, which combine different classes of materials and exhibit unique optical, magnetic, and electronic properties. Beside their interest for fundamental science, colloidal nanoparticles hold great promise for a wide range of applications. To this end, speakers and poster presenters showed routes for designing and using nanocrystals in biological imaging and sensing, in energy-related applications, and in catalysis. This report gives a nonexhaustive overview of selected "hot topics" in nanoparticle research discussed at NaNaX 4.