Recently, colloidal semiconductor nanocrystals (NCs) are finding more and more applications in optoelectronic devices. Their usage, however, is still very far from the great potential already demonstrated in many fields owing to their unique features. While researchers are still struggling to achieve a wider gamut of different semiconductor nanomaterials with more controllable properties, the library of already existing candidates is large enough to harness their potential. Modification of well-studied semiconductor NCs by means of their chemical transformations can greatly advance their practical exploitation. In this Perspective, the main types of chemical transformations represented by ligand and cation exchange reactions and their recent examples are summarized. While ligand exchange is used to adjust the surface of a semiconductor NC, cation exchange allows us to engineer its core composition. Both approaches greatly extend the range of properties of the resulting nanomaterials, advancing their further incorporation into optoelectronic devices.