The widely studied class of two‐dimensional (2D) materials known as transition metal dichalcogenides (TMDs) are now well‐poised to be employed in real‐world applications ranging from electronic logic and memory devices to gas and biological sensors. Several scalable thin film synthesis techniques have demonstrated nanoscale control of TMD material thickness, morphology, structure, and chemistry and correlated these properties with high‐performing, application‐specific device metrics. In this review, the particularly versatile two‐step conversion (2SC) method of TMD film synthesis is highlighted. The 2SC technique relies on deposition of a solid metal or metal oxide precursor material, followed by a reaction with a chalcogen vapor at an elevated temperature, converting the precursor film to a crystalline TMD. Herein, the variables at each step of the 2SC process including the impact of the precursor film material and deposition technique, the influence of gas composition and temperature during conversion, as well as other factors controlling high‐quality 2D TMD synthesis are considered. The specific advantages of the 2SC approach including deposition on diverse substrates, low‐temperature processing, orientation control, and heterostructure synthesis, among others, are featured. Finally, emergent opportunities that take advantage of the 2SC approach are discussed to include next‐generation electronics, sensing, and optoelectronic devices, as well as catalysis for energy‐related applications.