Ferroelectrics and other materials that exhibit spontaneous polar ordering have demonstrated immense promise for applications ranging from non-volatile memories to microelectromechanical systems. However, experimental evidence of polar ordering and effective synthetic strategies for accessing these materials are lacking for low-dimensional nanomaterials. Here, we demonstrate the synthesis of size-controlled nanocrystals of the polar material germanium telluride (GeTe) using colloidal chemistry and provide the first direct evidence of room-temperature polar ordering in nanocrystals less than 5 nm in size using aberration-corrected transmission electron microscopy. Synchrotron x-ray diffraction and Raman studies demonstrate a sizeable polar distortion and a reversible size-dependent polar phase transition in these nanocrystals. The stability of polar ordering in solution-processible nanomaterials suggests an economical avenue to Tbit/in2-density non-volatile memory devices and other applications.