The interactions and teleconnections between the tropical and midlatitude regions on intraseasonal time scales are an important modulator of tropical and extratropical circulation anomalies and their associated weather patterns. These interactions arise due to the impact of the tropics on the extratropics, the impact of the midlatitudes on the tropics, and two‐way interactions between the regions. Observational evidence, as well as theoretical studies with models of complexity ranging from the linear barotropic framework to intricate Earth system models, suggest the involvement of a myriad of processes and mechanisms in generating and maintaining these interconnections. At this stage, our understanding of these teleconnections is primarily a collection of concepts; a comprehensive theoretical framework has yet to be established. These intraseasonal teleconnections are increasingly recognized as an untapped source of potential subseasonal predictability. However, the complexity and diversity of mechanisms associated with these teleconnections, along with the lack of a conceptual framework to relate them, prevent this potential predictability from being translated into realized forecast skill. This review synthesizes our progress in understanding the observed characteristics of intraseasonal tropical‐extratropical interactions and their associated mechanisms, identifies the significant gaps in this understanding, and recommends new research endeavors to address the remaining challenges.