Hybrid polymer vesicles contain functional nanoparticles (NPs) in their walls, interfaces, coronae, or cavities. NPs render the hybrid vesicles with specific physical properties, while polymers endow them with structural stability and may significantly reduce the high toxicity of NPs. Therefore, hybrid vesicles integrate fascinating multifunctions from both NPs and polymeric vesicles, which have gained tremendous attention because of their diverse promising applications. Various types of delicate hybrid polymeric vesicles with size control and tunable localization of NPs in different parts of vesicles have been constructed via in situ and ex situ strategies, respectively. Their potential applications have been widely explored, as well. This review presents the progress of block copolymer (BCP) vesicle systems containing different types of NPs including metal NPs, magnetic NPs, and semiconducting quantum dots (QDs), etc. The strategies for controlling the location of NPs within hybrid vesicles are discussed. Typical potential applications of the elegant hybrid vesicles are also highlighted.