Cavity ringdown spectroscopy (CRDS) has developed rapidly during the last two decades and has been implemented for a variety of applications ranging from fundamental spectroscopic studies, trace chemical detection for environmental monitoring, combustion flame chemistry and plasma diagnostics, elemental and isotopic measurements, breath gas analysis, and fiber ringdown chemical and physical sensor development. A host of chemical species, including atoms, ions, molecules, clusters, and free radicals, have been studied by CRDS. The experimental ringdown scheme has also evolved from an original mirror‐based format to various new forms for detection and analysis of analytes in either gas phase or liquid solutions. Recent research effort has also extended the CRDS approach for fiber optical sensor development. CRDS has become a mature spectrometric technique for a range of prototype and commercial instrumentation. This article provides a review of the latest developments in CRDS applications, specifically emphasizing new trends in elemental and isotopic analysis, plasma diagnostics, breath gas analysis, and new fiber ringdown techniques for sensor development. The introduction of cutting‐edge laser sources into CRDS methods, the combination of CRDS with conventional analytical tools, and current CRDS instrumentation are also briefly discussed.