This review focuses on the capabilities and potential of soft x-ray fluorescence spectroscopy for the study of the electronic structure and chemical bonding of novel materials. The basic principle of x-ray fluorescence measurements using synchrotron radiation and the corresponding instrumentation issues are outlined. Particular attention is given to x-ray spectroscopic studies of the electronic structure and characterization of nanostructures, thin films, interfaces, adsorbates, half-metallic ferromagnets, and impurities in alloys, superconductors, and semiconductors and the chemical bonding in biomaterials and liquids.