Laser-induced breakdown spectroscopy (LIBS) has emerged as a powerful analytical method for the elemental mapping and depth profiling of many materials. This review offers insight into the contemporary applications of LIBS for the depth profiling of materials whose elemental composition changes either abruptly (multilayered materials) or continuously (functionally graded or corroded materials). The spectrum of materials is discussed, spanning from laboratory-synthesized model materials to real-world products including materials for fusion reactors, photovoltaic cells, ceramic and galvanic coatings, lithium batteries, historical and archaeological artifacts, and polymeric materials. The nuances of ablation conditions and the resulting crater morphologies, which are instrumental in depth-related studies, are discussed in detail. The challenges of calibration and quantitative profiling using LIBS are also addressed. Finally, the possible directions of the evolution of LIBS applications are commented on.