The integration of microactuators within a silicon photonic chip gave rise to the field of optical micro‐electro‐mechanical systems (MEMS) that was originally driven by the telecommunication market. Following the latter's bubble collapse in the beginning of the third millennium, new directions of research with considerable momentum appeared focusing on the realization and applications of miniaturized instrumentation in biology, chemistry, physics and materials science. At the heart of these applications light interferometry is a key optical phenomenon, in which miniaturized scanning interferometers are the manipulating optical devices. Monolithic free‐space optical interferometers realized on a silicon chip take advantage of the recent progress in the microfabrication technology that is enabling accurate control of the etching depth, the aspect ratio, the verticality and the curvature of the etched surfaces. The fabrication technology, the library of micro‐optical and mechanical components, the realized architectures and their characterization are described in detail in this review, followed by a discussion of the foreseen challenges.