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Due to the direct conversion between thermal and electrical energy, thermoelectric materials and their devices exhibit great potential for power generation and refrigeration. With the rapid development of personal wearable electronics, the design of flexible inorganic thermoelectric materials and devices receives increasing attention. As one of the most mature thin‐film fabrication techniques, magnetron sputtering plays a key role in the fabrication of inorganic thermoelectric thin films and devices, but its progress is still not timely and comprehensively reviewed. Herein, recent advances in magnetron sputtering‐fabricated thermoelectric materials and devices are studied, including their thermoelectric properties, mechanical properties, and device design routes. The differences in the properties of thermoelectric materials under different sputtering conditions, as well as their underlying mechanisms, are carefully discussed. In the end, it is pointed out the challenges and future directions for magnetron sputtering‐prepared inorganic thermoelectric thin‐film materials and devices for practical applications. This review can serve as a useful reference to guide the design of inorganic thermoelectric materials and devices prepared by magnetron‐sputtering‐based deposition techniques.