The field of heterogeneous nanocatalysis has developed catalysts with excellent activities, superior selectivities and high stabilities. Their properties can be easily tuned by tailoring the size, shape and morphology of the nanomaterial. Thus, nanocatalysis is no longer just a field of academic curiosity, but an evolving field for industries to develop green and sustainable processes with very high turnover numbers, rates, and stabilities. The key to increase the efficiencies of these catalysts is to maximize the number of active centers on the surfaces, which can be achieved by reducing the size of metal NPs to single atom and pseudo‐single atom sizes. This field is growing exponentially, and several reports have described the syntheses, characterizations, and applications of these catalysts for a variety of reactions. This Review discusses the recent advances in the synthesis and catalytic performance of single and pseudo‐single atoms/sub‐nanometer (<1 nm) catalysts. We have reviewed experimental and theoretical studies performed for different reactions and, in the last section a brief outlook on the future prospects.