Intelligent materials, also known as smart materials, are capable of reacting to various external stimuli or environmental changes by rearranging their structure at a molecular level and adapting functionality accordingly. The initial concept of the intelligence of a material originated from the natural biological system, following the sensing–reacting–learning mechanism. The dynamic and adaptive nature, along with the immediate responsiveness, of the polymer- and fiber-based smart materials have increased their global demand in both academia and industry. In this manuscript, the most recent progress in smart materials with various features is reviewed with a focus on their applications in diverse fields. Moreover, their performance and working mechanisms, based on different physical, chemical and biological stimuli, such as temperature, electric and magnetic field, deformation, pH and enzymes, are summarized. Finally, the study is concluded by highlighting the existing challenges and future opportunities in the field of intelligent materials.