There has been tremendous interest in the development of different innovative wear‐resistant materials, which can help to reduce energy losses resulted from friction and wear by ≈40% over the next 10–15 years. This paper provides a comprehensive review of the recent progress on designs, properties, and applications of wear‐resistant materials, starting with an introduction of various advanced technologies for the fabrication of wear‐resistant materials and anti‐wear structures with their wear mechanisms. Typical strategies of surface engineering and matrix strengthening for the development of wear‐resistant materials are then analyzed, focusing on the development of coatings, surface texturing, surface hardening, architecture, and the exploration of matrix compositions, microstructures, and reinforcements. Afterward, the relationship between the wear resistance of a material and its intrinsic properties including hardness, stiffness, strength, and cyclic plasticity is discussed with underlying mechanisms, such as the lattice distortion effect, bonding strength effect, grain size effect, precipitation effect, grain boundary effect, dislocation or twinning effect. A wide range of fundamental applications, specifically in aerospace components, automobile parts, wind turbines, micro‐/nano‐electromechanical systems, atomic force microscopes, and biomedical devices are highlighted. This review is concluded with prospects on challenges and future directions in this critical field.