Polymeric nanoparticles are highly important functional nanomaterials for a large range of applications from therapeutics to energy. Advances in nanotechnology have enabled the engineering of multifunctional polymeric nanoparticles with a variety of shapes and inner morphologies. Thanks to its inherent simplicity, the nanoprecipitation technique has progressively become a popular approach to construct polymeric nanoparticles with precise control of nanostructure. The present review highlights the great capability of this technique in controlling the fabrication of various polymeric nanostructures of interest. In particular, we show here how the nanoprecipitation of either block copolymers or mixtures of homopolymers can afford a myriad of colloids displaying equilibrium (typically onion-like) or out-of-equilibrium (stacked lamellae, porous cores) morphologies, depending whether the system “freezes” while passing the glass transition or crystallization point of starting materials. We also show that core-shell morphologies, either from polymeric or oil/polymer mixtures, are attainable by this one-pot process. A final discussion proposes new directions to enlarge the scope and possible achievements of the process.