Subphthalocyanines (SubPcs) have undergone extensive research activity because of their unique properties, rich chemistry, and tremendous applicability. Over decades, researchers have achieved substantial progress in understanding the molecular structure–property relationship of SubPcs, as well as in implementing them in state-of-the-art technological devices. However, more than 50 years after their discovery SubPcs are still far from unleashing their full potential. In this short review, we disclose the main trends in SubPc chemistry, with particular attention focused on their use as molecular materials.