We have developed a two-phase approach for the synthesis of shape-controlled colloidal zirconia nanocrystals, including spherical-, teardrop-, rod-, and rice grain-shaped particles. We found that the key factors for controlling the shape were the reaction time, the nature of the capping agent, and the monomer concentration. We have analyzed the morphologies, crystallinity, optical properties, and structural features of the as-prepared ZrO2 nanoparticles by using transmission electron microscopy (TEM), high-resolution TEM, X-ray powder diffraction, and UV-vis absorption and fluorescence spectroscopy. The possible nucleation and growth process is also discussed.