The field of inorganic chemistry is witnessing an enormous growth period in the area of molecular self‐assembly. This review highlights key advances in this area with an emphasis on novel structures and the dynamic nature of inorganic self‐assembly reactions. Multidentate N‐heterocylic, cyanide, and carboxylate ligands are discussed in detail with respect to their use in the design of discrete structures, including molecular triangles, squares, pentagon, cubes, as well as polyhedra, oligomers, and polymers. Inorganic structures that employ metal–coordination and hydrogen bonds are also highlighted. The examples described herein illustrate the fact that the available binding sites and the topicity of the ligands along with the coordination requirements of metal ions are the key elements for building desired architectures. The role of intrinsic factors such as geometrical preferences of the metal ion as well as extrinsic factors such as the presence of a template in stabilizing a particular product are discussed. Recent progress in the rational design of functional materials vis‐à‐vis the manipulation of supramolecular chemistry is also covered in brief.