The development and practical applications of multifunctional organic fluorophores have garnered significant attention in translational research in recent years. Among the fluorophores, nitrobenzodioxazole (NBD) has been widely used in various fields due to its small size and neutral character, both of which are advantageous for biorelated applications. However, NBD presents some limitations, including (1) suboptimal photophysical properties for in vivo applications and (2) its monofunctional nature, which restricts its use in fluorescence-based bioimaging and sensing. To overcome these challenges, recent research has focused on the development of nitrobenzoselenadiazole (NBSD) derivatives, a selenium analog of NBD. In this review article, we systematically summarize recent advancements in the development of NBSD and highlight examples of its application in translational research as a multifunctional organic fluorophore. We also explore the potential applications of NBSD and present representative case studies, providing valuable context for the ongoing development of new NBSD derivatives in the field of fluorophore-related material science.