In modern war of “find and destroy,” hiding the target is one of the essential means to improve battlefield survivability of personnel, weapons, and equipment. Infrared stealth technology started to emerge when hiding in the visible light band could no longer meet the protection requirements. With the rapid development of infrared detection technology, infrared stealth materials are gradually diversified. At present, infrared stealth technology no longer focuses only on low infrared emissivity, but from multiple perspectives to achieve target stealth, such as the tunability of optical properties, good thermal management, and multi‐spectral compatibility stealth. At the same time, the infrared stealth of the target is gradually shifted from passive to active, emphasizing dynamic integration of the target and the environment. This review summarizes research progress, development, and application of infrared stealth materials. Camouflage dye and infrared stealth coating are classified as traditional technologies, however new developments and novel processes from literature can be constantly retrieved over the years. In addition to dyeing/coating technologies, this review also highlights advanced infrared stealth materials such as thermal insulation materials, phase change materials, electrochromic materials, metamaterials, and bionic materials. Outlines of the advanced technologies are mainly focused on those published in recent years. Challenges and prospects for the future development of infrared stealth materials are presented at the end of the review.