The rediscovery of graphene in the recent past has propelled the rapid development of exfoliation and other thin layer processing techniques, leading to a renewed interest in black phosphorus (BP). Since 2014, BP has been extensively studied due to its superior electronic, photonic, and mechanical properties. In addition, the unique intrinsic anisotropic characteristics resulting from its puckered structure can be utilized for designing new functional devices. In retrospect, significant efforts have been directed toward the synthesis, basic understanding, and applications of BP in the fields of nanoelectronics, ultrafast optics, nanophotonics, and optoelectronics. Here, the recent development of BP‐based devices, such as nanoribbon field‐effect transistors, complementary logic circuits, memory devices, and the progress made in meeting the challenges associated with contact resistance, in‐plane anisotropy, and advanced gate stack, are reviewed. Finally, the prospects of 2D materials in meeting the International Technology Roadmap for Semiconductor requirements for the year 2030 are discussed.