Thanks to their distinguished properties such as optimized specific surface area, low density, high loading capacity, and sequential matter transfer and storage, hollow multishelled structures (HoMSs) have attracted great interest from scientists in broad fields, including catalysis, drug delivery, solar cells, supercapacitors, lithium‐ion batteries, electromagnetic wave absorption, and sensors. However, traditional synthesis methods such as soft‐templating and hierarchical self‐assembly methods can hardly realize the controllable synthesis of HoMSs, thus limiting their development and application. Here, the development process of HoMSs is first succinctly reviewed and the shortcomings of the traditional synthesis method are concluded. Subsequently, the sequential templating approach, which shows great generality for the synthesis of HoMSs with controllable composition and geometry configuration and exhibits remarkable effect on the scientific research field, is introduced. The basic material science and chemical reaction mechanism involved in the synthesis and manipulation of HoMSs using the sequential templating approach are then explained in detail. In addition, the effect of the geometric characteristics of HoMSs on their application properties is highlighted. Finally, the current challenges and future research directions of HoMSs are also suggested.