The last decade has witnessed tremendous progress in the field of biocatalysis. One of the most frequently utilized enzymes in diverse biocatalytic applications is NAD(P)‐dependent glucose dehydrogenases (GDHs). Traditionally, these enzymes are employed for their role in regenerating NAD(P)H in various enzymatic reactions utilizing glucose. However, recent studies have expanded the scope of GDHs beyond cofactor regeneration, highlighting their potential as biocatalysts in diverse chemical transformations. GDHs have demonstrated versatility in catalyzing key reactions in the synthesis of various drug molecules and intermediates, including ketone reduction to produce alcohols, imine reduction of C=N bonds to yield amines, reduction of aldehydes to alcohols, and dehydrogenation of cyclohexanol derivatives. This review highlights recent advancements in elucidating the multifunctional roles of NAD(P)‐dependent glucose dehydrogenases (GDHs) in biocatalysis, with an emphasis on their growing applications and significant potential in small molecule synthesis.