Wood is a sustainable and renewable material that naturally has a hierarchical structure. Cellulose, hemicellulose, and lignin are the three main components of wood. The unique physical and chemical properties of wood and its derivatives endow them with great potential as resources to fabricate advanced materials for use in bioengineering, flexible electronics, and clean energy. Nevertheless, comprehensive information on wood‐derived carbon and light‐emitting materials is scarce, although much excellent progress has been made in this area. Here, the unique characteristics of wood‐derived carbon and light‐emitting materials are summarized, with regard to the fabrication principles, properties, applications, challenges, and future prospects of wood‐derived carbon and light‐emitting materials, with the aim of deepening the understanding and inspiring new ideas in the area of advanced wood‐based materials.