Core/shell quantum dots/quantum rods are nanocrystals with typical application scenarios as ensembles. Resonance energy transfer is a possible process between adjacent nanocrystals. Highly excited nanocrystals can also relax energy by multiexciton recombination, competing against the energy transfer. The two processes have different dependencies and can be convolved, resulting in collective properties different from the superposition of the individual nanocrystals. A platform to study the interplay of energy transfer and multiexciton recombination is presented. CdSe/CdS quantum dot/quantum rods encapsulated in amphiphilic micelles with an interparticle distance control by spacer ligands are used for time‐resolved photoluminescence and transient absorption experiments. At exciton populations around one, the ensemble starts to be in a state where energy transfer can trigger multiexciton Auger recombination, altering the collective dynamics.