Recent developments and applications of high‐resolution Fourier transform spectroscopy are reviewed. A short historical summary of the development of high‐resolution interferometric Fourier transform infrared (FTIR) spectrometers is given and the possibilities of the currently most highly resolving FTIR spectrometers, including a current prototype built for the Zürich group at the Swiss Light Source SLS as a synchrotron light source, are discussed. A short description of the principles of FTIR spectroscopy is given and the resolution of current spectrometers is illustrated by FTIR spectra of CO, CO
2
OCS, N
2
O, CS
2
, and CH
4
and its isotopomers. The computational tools necessary to analyze FTIR spectra are described briefly. As examples of rovibrational analysis of more complex spectra, selected molecules CHCl
2
F, CDBrClF, pyridine (C
6
H
5
N) and pyrimidine (C
4
H
4
N
2
), and naphthalene (C
10
H
8
) are discussed. The spectrum of CHCl
2
F, a fluorochlorocarbon, is of interest for a better understanding of the chemistry of the Earth's atmosphere. It also possesses an isotopically chiral isotopomer CH
35
Cl
37
ClF analyzed in natural abundance. CDBrClF is a chiral molecule and therefore the analysis of its rovibrational spectra provides the basis for carrying out further experiments toward the detection of molecular parity violation. The analyses of the pyridine, pyrimidine, and naphthalene FTIR spectra illustrate the potential of the new generation of FTIR spectrometers in the study of spectra and rovibrational dynamics of aromatic systems and molecules of potential biological interest. In particular, naphthalene is a prototype molecule useful in gaining an understanding of the unidentified infrared bands (UIBs) detected in several interstellar objects.