Nucleic acid aptamers, often termed “chemical antibodies,” are short, single‐stranded DNA or RNA molecules, which are selected by SELEX. In addition to their high specificity and affinity comparable to traditional antibodies, aptamers have numerous unique advantages such as wider identification of targets, none or low batch‐to‐batch variations, versatile chemical modifications, rapid mass production, and lack of immunogenicity. These characteristics make aptamers a promising recognition probe for scientific research or even clinical application. Aptamer‐functionalized nanomaterials are now emerged as a promising drug delivery system for various diseases with decreased side‐effects and improved efficacy. In this review, the technological strategies for generating high‐affinity and biostable aptamers are introduced. Moreover, the development of aptamers for their application in biomedicine including aptamer‐based biosensors, aptamer–drug conjugates and aptamer functionalized nanomaterials is comprehensively summarized.