The development of industry has triggered an increasingly severe demand for new functional materials. In recent years, researches on high‐entropy oxides (HEOs) are more comprehensive and in‐depth, and their fascinating properties are gradually known to the public. The unique elemental synergistic effect and lattice distortion endow the high‐entropy family with various untapped potential, and wide application fields and outstanding performance of HEOs make them candidates for future materials. In this review, the concept, structure, and synthesis of HEOs are firstly highlighted. Secondly, a variety of excellent properties and applications in the fields of mechanics, electrics, thermotics, optics and magnetics are summarized. This work provides a comprehensive overview about HEOs, facilitating the development of modern functionalities of the high‐entropy family.