Stretchable electronics, which can retain their functions under stretching, have attracted great interest in recent decades. Elastic substrates, which bear the applied strain and regulate the strain distribution in circuits, are indispensable components in stretchable electronics. Moreover, the self‐healing property of the substrate is a premise to endow stretchable electronics with the same characteristics, so the device may recover from failure resulting from large and frequent deformations. Therefore, the properties of the elastic substrate are crucial to the overall performance of stretchable devices. Poly(dimethylsiloxane) (PDMS) is widely used as the substrate material for stretchable electronics, not only because of its advantages, which include stable chemical properties, good thermal stability, transparency, and biological compatibility, but also because of its capability of attaining designer functionalities via surface modification and bulk property tailoring. Herein, the strategies for fabricating stretchable electronics on PDMS substrates are summarized, and the influence of the physical and chemical properties of PDMS, including surface chemical status, physical modulus, geometric structures, and self‐healing properties, on the performance of stretchable electronics is discussed. Finally, the challenges and future opportunities of stretchable electronics based on PDMS substrates are considered.