Organic cocrystals, representing one type of new functional materials, have gathered significant interest in various engineering areas. Owing to their diverse stacking modes, rich intermolecular interactions and abundant functional components, the physicochemical properties of organic cocrystals can be tailored to meet different requirements and exhibit novel characteristics. The past few years have witnessed the rapid development of organic cocrystals in both fundamental characteristics and various applications. Beyond the typical properties like ambipolarity, emission tuning ability, ferroelectricity, etc. that are previously well demonstrated, many novel impressive and cutting‐edge properties and applications of cocrystals also emerge and advance recently. Especially during the nearest five years, photothermal conversion, room‐temperature phosphorescence, thermally activated delay fluorescence, circularly polarized luminescence, organic solid‐state lasers, near‐infrared sensing, photocatalysis, batteries, and stimuli responses have been reported. In this minireview, these new properties are carefully summarized. Besides, some neoteric architecture and methodologies, such as host‐guest structures and machine learning‐based screening, are introduced. Finally, the potential future developments and expectations for organic cocrystals are discussed for further investigation on multiple functions and applications.