Chemiluminescence-based bioassays have become increasingly important in clinical, pharmaceutical, environmental, and food safety fields owing to their high sensitivity, wide linear range, and simple instrumentation. During the past decade, it has been found that metal nanoparticles can initiate various liquid-phase chemiluminescence reactions as catalysts, reductants, energy acceptors, and nanosized reaction platforms owing to their unique optical, catalytic, and surface properties and chemical reactivity, which are very important for chemiluminescence bioassays based on metal nanoparticles as nanoprobes or a nanointerface. In this article, we summarize recent progress in metal-nanoparticle-initiated liquid-phase chemiluminescence, including reaction systems, mechanisms, and their applications in chemiluminescence-based bioassays, especially for immunoassays, DNA assays, aptamer-based assays, high-performance liquid chromatography or capillary electrophoresis analysis, and flow injection analysis.