The development of multimodal nanoprobes has been growing in recent years. Among these novel nanostructures are bimodal systems based on quantum dots (QDs) and low molecular weight Gd3+ chelates, prepared for magnetic resonance imaging (MRI) and optical analyses. MRI is a technique used worldwide that provides anatomic resolution and allows distinguishing of physiological differences at tissue and organ level. On the other hand, optical techniques are very sensitive and allow events to be followed at the cellular or molecular level. Thus, the association of these two techniques has the potential to achieve a more complete comprehension of biological processes. In this review, we present state-of-the-art research concerning the development of potential multimodal optical/paramagnetic nanoprobes based on Gd3+ chelates and QDs, highlighting their preparation strategies and overall properties.