Nanocrystalline perovskite materials, particularly rare-earth manganites of the general formula RE1-xAExMnO3 (where RE is a rare-earth element and AE is an alkaline-earth element), have garnered significant attention due to their rich structural, electronic, and magnetic phase behavior. These multifunctional materials exhibit fascinating properties such as colossal magnetoresistance (CMR), charge ordering, orbital ordering, and phase separation, making them attractive candidates for both fundamental research and technological applications. With the advent of nanoscience, the nanoscale versions of these perovskites have shown dramatically enhanced properties compared to their bulk counterparts, driven by reduced dimensionality, quantum confinement, and high surface-to-volume ratios. Various synthesis methods such as sol-gel, hydrothermal, and chemical precipitation have enabled the controlled fabrication of perovskite nanostructures including nanoparticles, nanowires, and nanotubes. Comprehensive characterization using techniques like XRD and FESEM reveals size- and strain-dependent evolution of structural and magnetic phases, which play a pivotal role in defining their functional behavior. These nanocrystalline perovskites exhibit promising applications in fieldssuch as photocatalysis, sensing, and light-emitting diodes (LEDs), owing to their tunable bandgap, high photoluminescence, and exceptional charge transport properties. This review aims to provide an in-depthoverview of the synthesis strategies, structural and physicochemical properties, and emerging applications of nanostructured perovskites, along with identifying key challenges and potential directions for future research.