Heavy atom effects can be used to enhance intermolecular interaction, regulate quinoidal resonance properties, increase bandwidths, and tune diradical characters, which have significant impacts on organic optoelectronic devices, such as organic field‐effect transistors (OFETs), organic light‐emitting diodes (OLEDs), organic photovoltaics (OPVs), etc. Meanwhile, the introduction of heavy atoms is shown to promote charge transfer, enhance air stability, and improve device performances in the field of organic thermoelectrics (OTEs). Thus, heavy atom effects are receiving more and more attention. However, regulating heavy atoms in organic semiconductors is still meeting great challenges. For example, heavy atoms will lead to solubility and stability issues (tellurium substitution) and lack of versatile design strategy and effective synthetic methods to be incorporated into organic semiconductors, which limit their application in electronic devices. Therefore, this work timely summarizes the unique functionalities of heavy atom effects, and up‐to‐date progress in organic electronics including OFETs, OPVs, OLEDs, and OTEs, while the structure‐performance relationships between molecular designs and electronic devices are clearly elucidated. Furthermore, this review systematically analyzes the remaining challenges in regulating heavy atoms within organic semiconductors, and design strategies toward efficient and stable organic semiconductors by the introduction of novel heavy atoms regulation are proposed.