Hydrogels have been generated and explored for use in various applications. The main objective of this comprehensive review is to collate the fundamental concepts of hydrogels, and elaborate on knowledge gaps, and to provide a perspective on the future directions. This review includes details of constituent molecules (monomers, cross‐linkers, composite materials, etc.) and the methods used to prepare polymer networks. Moreover, the review highlights modifications of hydrogels that introduce new properties or enhance the existing features to suit the desired applications and challenges of synthetic polymer hydrogels. The other important topics covered in this review are the synthesis and applications of 3D printed hydrogels, nanocomposite hydrogels, injectable hydrogels, and self‐healing hydrogels.