This review paper presents a comprehensive evaluation and forward‐looking perspective on the underexplored topic of servicing target objects using spacecraft swarms. Such targets can be known or unknown, cooperative or uncooperative, and pose significant challenges in modern space operations due to their inherent complexity and unpredictability. Successfully servicing space objects is vital for active debris removal and broader on‐orbit servicing tasks such as satellite maintenance, repair, refueling, orbital assembly, and construction. Significant effort has been invested in the literature to explore the servicing of targets using a single spacecraft. Given its advantages and benefits, this paper expands the discussion to encompass a swarm approach to the problem. This review covers various single‐spacecraft approaches and presents a critical examination of the existing, although limited, body of work dedicated to servicing orbital objects using multiple spacecraft. The focus is also broadened to include some influential studies concerning the characterization, capture, and manipulation of physical objects by general multiagent systems, a subject with significant parallels to the core interest of this manuscript. Furthermore, this article also delves into the realm of simultaneous localization and mapping, highlighting its application within close‐proximity operations in space, especially when dealing with unknown uncooperative targets. Special attention is paid to the benefits that this field can receive from distributed multiagent architectures. Finally, an exploration of the promising field of swarm robotics is presented, with an emphasis on its potential to revolutionize the servicing of orbital target objects. Concurrently, a survey of general research directly engaging swarms in the orbital context is conducted. This review aims to bridge the knowledge gap and stimulate further research in the underexplored domain of servicing space targets with spacecraft swarms.