Hybrid nanostructures, composed of multi-component crystals of various shapes, sizes and compositions are much sought-after functional materials. Pairing the ability to tune each material separately and controllably combine two (or more) domains with defined spatial orientation results in new properties. In this review, we discuss the various synthetic mechanisms for the formation of hybrid nanostructures of various complexities containing at least one metal/semiconductor interface, with a focus on colloidal chemistry. Different synthetic approaches, alongside the underlying kinetic and thermodynamic principles are discussed, and future advancement prospects are evaluated. Furthermore, the proved unique properties are reviewed with emphasis on the connection between the synthetic method and the resulting physical, chemical and optical properties with applications in fields such as photocatalysis.