Covalent organic frameworks (COFs) are an emerging class of crystalline porous polymers that have attracted significant attention due to their tunable properties and structural robustness. As a result, COFs with luminescent properties are of great interest for fields such as chemical sensing, solid-state light emitters, photocatalysis, and optoelectronics. However, the bottom-up synthesis of luminescent COF systems remains a challenge in the field due to an abundance of competing non-radiative pathways, including phenomena such as aggregate caused quenching (ACQ). To overcome these obstacles, there has been a burgeoning investigation into the luminescent and photophysical properties of COFs. This review will highlight methods used to fabricate luminescent COFs and discuss the factors that are critical for their production. A collection of known luminescent COF systems will be featured. In addition, the ability to utilize the photophysical properties of COFs for applications related to photocatalysis, solid-state light emitters, and chemical sensing will be addressed. An outlook will address the current progress and remaining challenges facing the field to ultimately expand the scope of their applications.