NaGdF4:Eu3+, NaEuF4, and NaGdF4 nanocrystals were synthesized in the high‐boiling coordinating solvent N‐(2‐hydroxyethyl)‐ethylenediamine (HEEDA). Phase pure nanomaterials, crystallizing either in the cubic α‐phase or the hexagonal β‐phase, were obtained by adjusting one reaction parameter only, i.e., the molar ratio between metal and fluoride ions in the synthesis. The hexagonal β‐phase is formed, if this molar ratio is close to stoichiometric, whereas the cubic α‐phase is obtained in the presence of excess metal ions. The optical properties of the Eu3+ doped samples are different for the two crystal phases. The results indicate an increased number of oxygen impurities close to Eu3+ ions, if excess metal ions are used in the synthesis.