Carbon, owing to its unique properties such as surface area, pore features, conductivity, and chemical and thermal stability, has found several applications in the field of sensors, energy storage, electrocatalysis, and hydrogen storage. However, the properties of pristine carbon are sometimes insufficient to meet the requirements of a particular application. Heteroatom co‐doping may not only enhance the surface area, improve the porosity, and enhance the redox activity, but it also increases stability. B, N heteroatom co‐doping has gained popularity as it is found to be an effective way to enhance the properties of porous carbon by influencing the physicochemical, electrochemical, and electrical properties, thereby widening its applications. In this review, the rational synthetic strategies that are used to produce B, N co‐doped carbon are described. Further, the charge conduction in such B, N co‐doped carbon‐based materials (including metal and metal‐free) is discussed in detail. Certain remarkable works representing the various applications of B, N co‐doped carbon in the area of electrocatalysis, energy storage (rechargeable batteries and supercapacitors), and sensors are also highlighted. Finally, the review ends with a discussion of the existing challenges and possible future directions of research on B, N co‐doped carbon.