Water‐soluble polymers (WSPs) represent a diverse class of macromolecules, and this diversity arises from the breadth of functionality derived from both natural and synthetic sources. Nature provides abundant WSPs through biosynthetic pathways in plants, animals, and fungi, and biological processes yield precisely controlled and well‐defined structures. Polymer chemists strive to develop synthetic methods that mimic the precision of natural processes. Monomers that are derived from petroleum feedstocks together with naturally sourced monomers provide a rich catalog of WSP precursors. Monomer structure, reactivity, concentration, sequence control, and reaction conditions influence polymeric microstructures, solubility, and aqueous solution structure. This article provides an overview of WSP fundamentals and highlights recent advancements in natural, nonionic, ionic, associative, and high‐performance WSPs. Recent advances in the design and performance of WSPs have critically improved the technological impact of filtration processes, water purification, drilling efficiency, and pharmaceutical applications. From modulating the rheological and filtration properties to establishing novel drug delivery systems through controllable self‐assembly, WSPs represent a critical enabling field for many emerging and diverse applications. WSPs will help to address many of the emerging challenges of our times, from energy generation and storage to water availability and next‐generation life‐saving medical technologies. This article will point to the potential impacts based on fundamental structure‐property‐processing relationships.