The scientific research field of corrole systems has witnessed an explosion of interest in recent years owing to unique optical and electronic properties that are very promising for various applications. This timely review gives a thorough treatment of the primary literature of the photophysics of corrole systems, with a specific spotlight on the impacts of solvents, pH, heavy atoms, core-metal insertion, dyads, and aggregation. The inventory of features is helping pave the way towards new advancements. Many studies have been carried out by focusing on elucidating the excited triplet and singlet state lifetimes, and time-settled electron paramagnetic reverberation (TREPR) analysis of corrole systems. Furthermore, our review covers the auspicious uses of corrole systems as photocatalysts, photosensitizers, and biomolecule docking agents. Finally, the systematic progress of nonlinear optical (NLO) properties of corroles is discussed. We are hereby providing a comprehensive overview of the photophysics of corrole and intimately related systems, highlighting their potential as versatile materials for emerging technologies.