Understanding the quantum coherence effects is crucial for their promising applications, such as engineering artificial photosynthesis, manipulating chemical reactions, and designing coherence‐based functional devices. Considering that a molecule is the smallest unit that can exist independently and maintain its physical and chemical properties, investigating the quantum coherence effects of molecules is of great significance in understanding their features. In this case, exploring quantum coherence effects in the interaction of light and molecules has been one of the leading topics. This review presents an overview of state‐of‐the‐art spectroscopic techniques and deep insights into molecular quantum coherence effects. It also offers prospects for future advancement. First, the history of development and origins of quantum coherence effects are briefly introduced in molecules. Then, the principle and exciting experimental progress of sophisticated techniques for investigating molecular quantum coherence effects are discussed. Late, molecular quantum coherence effects and their promising applications in various areas have been evaluated. Finally, the challenges and potential solutions are look ahead for studying the effects of quantum coherence on molecules. This review may offer some guidance to boost the understanding and employing the molecular quantum coherence effects.