Research on ultrathin nanomaterials is one of the fastest developing areas in contemporary nanoscience. The field of ultrathin one- (1D) and two-dimensional (2D) colloidal nanocrystals (NCs) is still in its infancy, but offers the prospect of production of ultrathin nanomaterials in liquid-phase at relatively low costs, with versatility in terms of composition, size, shape, and surface control. In this Perspective, the state of the art in the field is concisely outlined and critically discussed to highlight the essential concepts and challenges. We start by presenting a brief overview of the ultrathin colloidal 1D and 2D semiconductor NCs prepared to date, after which the synthesis strategies and formation mechanisms of both 1D and 2D NCs are discussed. The properties of these low-dimensional materials are then reviewed, with emphasis on the optical properties of luminescent NCs. Finally, the future prospects for the field are addressed.