Eutectic gallium–indium (EGaIn), a liquid metal with a melting point close to or below room temperature, has attracted extensive attention in recent years due to its excellent properties such as fluidity, high conductivity, thermal conductivity, stretchability, self‐healing capability, biocompatibility, and recyclability. These features of EGaIn can be adjusted by changing the experimental condition, and various composite materials with extended properties can be further obtained by mixing EGaIn with other materials. In this review, not only the are unique properties of EGaIn introduced, but also the working principles for the EGaIn‐based devices are illustrated and the developments of EGaIn‐related techniques are summarized. The applications of EGaIn in various fields, such as flexible electronics (sensors, antennas, electronic circuits), molecular electronics (molecular memory, opto‐electronic switches, or reconfigurable junctions), energy catalysis (heat management, motors, generators, batteries), biomedical science (drug delivery, tumor therapy, bioimaging and neural interfaces) are reviewed. Finally, a critical discussion of the main challenges for the development of EGaIn‐based techniques are discussed, and the potential applications in new fields are prospected.