Plasma–liquid systems are best recognised in biomedicine, where the generation of plasma‐treated water and complex organic‐containing solutions affords biological effects. However, plasma interactions with liquids are more diverse. In this review, we look from the chemical point of view at the three fields of plasma–liquid interaction in which plasma is used to convert organic substrates. In wastewater treatment, plasma decomposes organic substances: the selectivity towards specific products is less crucial than process energy costs. In the conversion of organic liquids for sustainable energy purposes, the carbon and hydrogen selectivity to syngas are important, but these are still destructive reactions yielding small molecules. Finally, we provide a comprehensive plasma application list for synthetic organic chemistry and discuss their mechanisms and limitations.