Kirigami, the ancient art of paper cutting, has evolved into a design and fabrication framework to engineer multi‐functional materials and structures at vastly different scales. By slit cutting with carefully designed geometries, desirable mechanical behaviors—such as accurate shape morphing, tunable auxetics, super‐stretchability, buckling, and multistability—can be imparted to otherwise inflexible sheet materials. In addition, the kirigami sheet provides a versatile platform for embedding different electronic and responsive components, opening up avenues for building the next generations of metamaterials, sensors, and soft robotics. These promising potentials of kirigami‐based engineering have inspired vigorous research activities over the past few years, generating many academic publications. Therefore, this review aims to provide insights into the recent advance in this vibrant field. In particular, this paper offers the first comprehensive survey of unique mechanical properties induced by kirigami cutting, their underlying physical principles, and their corresponding applications. The synergies between design methodologies, mechanics modeling, advanced fabrication, and material science will continue to mature this promising discipline.