Femtosecond laser processing is fast becoming a pervasive method for fabricating micro/nanostructures because it can be used to produce micro/nanostructures on myriads of materials with high precision and resolution, requires little control over environmental conditions, and is simple to implement. Here, we review recent developments in the use of femtosecond lasers for the fabrication of micro/nanostructures through ablation and two-photon polymerization (TPP). Moreover, the applications of some of the fabricated micro/nanostructures are also discussed. We highlight the advantages of femtosecond laser processing by explaining the underlying principles of laser ablation and TPP. We also show the use of this method to fabricate new devices with outstanding performance in several application realm, such as sensors, optical devices, microfluidic chips, and soft robotics.