Multifunctional polymers can play multi-roles such as laser light source, passive interconnects, optical signal processing and optical data storage in the development of photonics technology. In this paper, two approaches to achieve nanostructure control to introduce multifunctionality at both molecular and bulk levels are presented. A novel concept of multiphasic nanostructured composites is discussed. Various applications of a specific multifunctional property introduced by strong two-photon absorption and efficient fluorescence are presented. The combined action of these two functions produces upconverted emission. Specific applications discussed are upconversion lasing, optical data storage, confocal microscopy, and photodynamic therapy.