Self-assembled vertical heteroepitaxial nanostructures (VHN) in the complex oxide field have fascinated scientists for decades because they provide degrees of freedom to explore in condensed matter physics and design-coupled multifunctionlities. Recently, of particular interest is the perovskite-spinel-based VHN, covering a wide spectrum of promising applications. In this review, fabrication of VHN, their growth mechanism, control, and resulting novel multifunctionalities are discussed thoroughly, providing researchers a comprehensive blueprint to construct promising VHN. Following the fabrication section, the state-of-the-art design concepts for multifunctionalities are proposed and reviewed by suitable examples. By summarizing the outlook of this field, we are excitedly expecting this field to rise with significant contributions ranging from scientific value to practical applications in the foreseeable future.