Micro-light-emitting diodes (μLEDs), with their advantages of high response speed, long lifespan, high brightness, and reliability, are widely regarded as the core of next-generation display technology. However, due to issues such as high manufacturing costs and low external quantum efficiency (EQE), μLEDs have not yet been truly commercialized. Additionally, the color conversion efficiency (CCE) of quantum dot (QD)-μLEDs is also a major obstacle to its practical application in the display industry. In this review, we systematically summarize the recent applications of nanomaterials and nanostructures in μLEDs and discuss the practical effects of these methods on enhancing the luminous efficiency of μLEDs and the color conversion efficiency of QD-μLEDs. Finally, the challenges and future prospects for the commercialization of μLEDs are proposed.