Black phosphorus is a two‐dimensional layer material with promising applications due to its many excellent physicochemical properties, including high carrier mobility, ambipolar field effect and unusual in‐plane anisotropy. Currently, BP has been widely used in biomedical engineering, photocatalysis, semiconductor devices, and energy storage electrode materials. However, the unique structure of BP makes it highly chemically active, leading to its easy oxidation and degradation in air, which limits its practical applications. Recently, researchers have proposed a number of initiatives that can address the environmental instability of BP, and the application of these physical and chemical passivation techniques can effectively enhance the environmental stability of BP, including four modification methods: covalent functionalization, non‐covalent functionalization, surface coordination, physical encapsulation and edge passivation. This review highlights the mechanisms of the above modification techniques in addressing the severe instability of BP in different application scenarios, as well as the advantages and disadvantages of each method. This review can provide guidance for more researchers in studying the marvellous properties of BP and accelerate the practical application of BP in different fields.