Thermoelectrics (TEs), enabling the direct conversion between heat and electrical energy, have demonstrated extensive application potential in biomedical fields. Herein, the mechanism of the TE effect, recent developments in TE materials, and the biocompatibility assessment of TE materials are provided. In addition to the fundamentals of TEs, a timely and comprehensive review of the recent progress of advanced TE materials and their applications is presented, including wearable power generation, personal thermal management, and biosensing. In addition, the new‐emerged medical applications of TE materials in wound healing, disease treatment, antimicrobial therapy, and anti‐cancer therapy are thoroughly reviewed. Finally, the main challenges and future possibilities are outlined for TEs in biomedical fields, as well as their material selection criteria for specific application scenarios. Together, these advancements can provide innovative insights into the development of TEs for broader applications in biomedical fields.