An extensive review of the polymer reactive extrusion (REX) literature is provided with emphasis on the use of twin‐screw extruders. Elements highlighted include innovative REX processes involving free radicals as well as catalytic reaction types. An effort is made to group all recent research activities into two broad categories. The first one includes applications of REX in the traditional area of polyolefin modifications while the second one covers numerous studies in the recently exploding area of multicomponent sustainable plastic products, including blends and composites.