Recently, 2D violet phosphorus (VP), a new kind of allotrope of phosphorus has attained significant attention owing to its remarkable electronic, optical, and magnetic characteristics. Tunable, large direct bandgap, high charge carrier mobility, and large optical absorption make it a potential candidate for realizing photoelectronic applications. VP demonstrates unique electronic structure, chemical stability, strong light‐matter interaction, and thermal stability that can be utilized for assembling intelligent photoelectronic devices. This review article provides comprehensive investigations of the latest synthesis techniques employed to develop the VP including its structural characterizations, stability, and degradation mechanisms. Furthermore, this review demonstrates the diverse applications of VP in optoelectronics, including photodetectors, polarization detection, imaging systems, neuromorphic optoelectronic devices, and many others. Finally, challenges and future research directions associated with the VP in terms of optoelectronics are discussed. Overall, as presented, the review offers an extensive study of VP, covering its synthesis, structural insights mechanisms, and applications in optoelectronics with the aim of stimulating further research and development in this growing field.