The substantial amount of data generated every second in the big data age creates a pressing requirement for new and advanced data storage techniques. Luminescent nanomaterials (LNMs) not only possess the same optical properties as their bulk materials but also have unique electronic and mechanical characteristics due to the strong constraints of photons and electrons at the nanoscale, enabling the development of revolutionary methods for data storage with superhigh storage capacity, ultra-long working lifetime, and ultra-low power consumption. In this review, we investigate the latest achievements in LNMs for constructing next-generation data storage systems, with a focus on optical data storage and optoelectronic data storage. We summarize the LNMs used in data storage, namely upconversion nanomaterials, long persistence luminescent nanomaterials, and downconversion nanomaterials, and their applications in optical data storage and optoelectronic data storage. We conclude by discussing the superiority of the two types of data storage and survey the prospects for the field.