The digital age has introduced a host of new challenges and opportunities for the learning sciences community. These challenges and opportunities are particularly abundant in multimodal learning analytics (MMLA), a research methodology that aims to extend work from Educational Data Mining (EDM) and Learning Analytics (LA) to multimodal learning environments by treating multimodal data. Recognizing the short-term opportunities and longterm challenges will help develop proof cases and identify grand challenges that will help propel the field forward. To support the field's growth, we use this paper to describe several ways that MMLA can potentially advance learning sciences research and touch upon key challenges that researchers who utilize MMLA have encountered over the past few years.