Liquid crystalline block copolymers (LCBCPs) are fascinating soft materials, which show unique hierarchical assemblies due to liquid crystalline mesophase formation as well as microphase‐segregated domains obtained from the incompatible block architecture. This review is focused on methods to synthesize and characterize the thermal and morphological features of LCBCPs as well as structure–property analysis. Applications of these materials in various fields including lithography, scaffolds for renewable energy applications, responsive materials, and low energy surfaces are discussed. Future trends in the design of new architectures of LCBCPs, their hybrid derivatives, and their structure–property correlations are elucidated.