Abnormal activation of kinases is associated with various types of human cancer. A milestone approval of a small‐molecule kinase inhibitor (SMKI), imatinib, in 2001 for the treatment of chronic myeloid leukemia has revolutionized the clinical practice. This has invigorated the kinase‐targeted drug discovery and clinical sciences, and drug developers have been searching for the next revolutionary therapeutic agents to combat cancer. By mid‐2019, a total of 48 SMKIs have received their regulatory approvals from the United States Food and Drug Administration (USFDA) for the treatment of cancer. This article starts with an introduction of kinases; emphasis is placed on the differences between the structures of active and inactive kinases in that these structural disparities form the basis of the current classification of SMKIs which is subsequently outlined. Thereafter USFDA‐approved SMKI oncology drugs are delineated, with a great deal of attention paid to their respective oncology indications and co‐crystal structures with indication‐related kinases; an overview of biomedical rationales of the kinases being targeted is also provided. Towards the end, some of the current challenges and future prospects in developing SMKI‐based cancer therapies are discussed.