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A vast range of insulating, semiconducting, and metallic nanomaterials have been studied over the past several decades with the aim of understanding how continuous‐wave or pulsed laser radiation can influence their chemical functionality and local environment. Many fascinating observations have been made during laser irradiation including, but not limited to, the superheating of solvents, mass‐transport‐mediated morphology evolution, photodynamic therapy, morphology dependent resonances, and a range of phase transformations. In addition to laser heating, recent experiments have demonstrated the laser cooling of nanoscale materials through the emission of upconverted, anti‐Stokes photons by trivalent rare‐earth ions. This Focus Review outlines the analytical modeling of photothermal heat transport with an emphasis on the experimental validation of anti‐Stokes laser cooling. This general methodology can be applied to a wide range of photothermal applications, including nanomedicine, photocatalysis, and the synthesis of new materials. The review concludes with an overview of recent advances and future directions for anti‐Stokes cooling.