Recently we assisted a strong renewed interest in the fascinating field of molecular spin crossover complexes by (1) the emergence of nanosized spin crossover materials through direct synthesis of coordination nanoparticles and nanopatterned thin films as well as by (2) the use of novel sophisticated high spatial and temporal resolution experimental techniques and theoretical approaches for the study of spatiotemporal phenomena in cooperative spin crossover systems. Besides generating new fundamental knowledge on size-reduction effects and the dynamics of the spin crossover phenomenon, this research aims also at the development of practical applications such as sensor, display, information storage and nanophotonic devices. In this critical review, we discuss recent work in the field of molecule-based spin crossover materials with a special focus on these emerging issues, including chemical synthesis, physical properties and theoretical aspects as well (223 references).