Interpenetrating polymer networks (IPNs) are a polymer consisting of two or more polymer networks exhibiting a certain degree of molecular‐scale interlacing within the matrix but not covalently bonded. The network structure cannot be separated without breaking chemical bonds. This unique structure results in synergistic combinations of mechanical, thermal, chemical, and other properties. The synthesis of IPNs can be achieved through simultaneous or sequential polymerization processes, exploiting the compatibility of polymer precursors to establish an interlocking network. The wide‐ranging applications of IPNs across various sectors, including water filtration, electromagnetic interference shielding (8.2–12.4 GHz), biomaterials, coatings, adhesives, drug delivery, and electronics. The synthesis and formation of IPNs require an understanding of polymer chemistry, physics, and engineering principles. Tailoring IPNs for specific applications demands the careful design of polymer precursors and cross‐linking techniques. In recent times, ongoing research on IPN deals with synthetic methodologies, structure–property relationships, and its applications. On the other hand, IPNs serve as a bridge between conventional polymer materials and advanced multifunctional systems. This article provides a glimpse into the fascinating world of IPNs, stimulating further exploration and innovation in materials science and engineering. Within this framework, our discussions have involved various IPNs and their practical implementations in the field of water treatment and EMI shielding applications.