Squeezing currently represents the leading strategy for quantum enhanced precision measurements of a single parameter in a variety of continuous-and discrete-variable settings and technological applications. However, many important physical problems including imaging and field sensing require the simultaneous measurement of multiple unknown parameters. The development of multiparameter quantum metrology is yet hindered by the intrinsic difficulty in finding saturable sensitivity bounds and feasible estimation strategies. Here, we derive the general operational concept of multiparameter squeezing, identifying metrologi-cally useful states and optimal estimation strategies. When applied to spin-or continuous-variable systems, our results generalize widely-used spin-or quadrature-squeezing parameters. Multiparameter squeezing provides a practical and versatile concept that paves the way to the development of quantum-enhanced estimation of multiple phases, gradients, and fields, and for the efficient characterization of multimode quantum states in atomic and optical sensor networks.