Two‐dimensional (2D) materials have attracted tremendous research attention in recent days due to their extraordinary and unique properties upon exfoliation from the bulk form, which are useful for many applications such as electronics, optoelectronics, catalysis, etc. Liquid exfoliation method of 2D materials offers a facile and low‐cost route to produce large quantities of mono‐ and few‐layer 2D nanosheets in a commercially viable way. Optoelectronic devices such as photodetectors fabricated from percolating networks of liquid‐exfoliated 2D materials offer advantages compared to conventional devices, including low cost, less complicated process, and higher flexibility, making them more suitable for the next generation wearable devices. This review summarizes the recent progress on metal–semiconductor–metal (MSM) photodetectors fabricated from percolating network of 2D nanosheets obtained from liquid exfoliation methods. In addition, hybrids and mixtures with other photosensitive materials, such as quantum dots, nanowires, nanorods, etc. are also discussed. First, the various methods of liquid exfoliation of 2D materials, size selection methods, and photodetection mechanisms that are responsible for light detection in networks of 2D nanosheets are briefly reviewed. At the end, some potential strategies to further improve the performance the devices are proposed.