Gold‐decorated nanodiamonds is an interesting multifunctional material that can find space in numerous applications in the biological field. The coupling and/or synergy of the properties of the individual components can offer interesting solutions in the field of optical labeling, imaging, molecule and drug delivery, and biosensing. This microreview describes the techniques used for the synthesis of these materials and includes a critical discussion of some recent results on their application. The synergy between the two particles is particularly evident in the improvement of the plasmonic and photoacoustic properties of gold. In addition, the catalytic and sensor activity of the hybrid system shows peculiarities not found in the individual components alone.