Graphdiyne (GDY) is a 2D carbon allotrope that has become increasingly prevalent among the family of carbon materials. GDY has advantages of high specific surface area and unique sp‐ and sp2‐hybridized carbon atom networks, is endowed with naturally adjustable bandgap, uniformly nanoporous structure, rapid carrier mobility activated by inhomogeneous π orbitals, and accessible on/off rations. These advantages, coupled with the direct binding ability of metal atoms resulting from sp‐hybridization, enable GDY to be applied across various research fields, especially as a substrate to support and further improve the performances of metals and metal compounds. Though many studies have considered the applications of GDY‐supported metals and metal compounds, a comprehensive introduction of synthesis and applications is deficient. Nonetheless, a discussion considering these diverse studies is essential to attract the attention of researchers and promote the development of new perspectives. In this review, a basic understanding of GDY and a thorough introduction to the synthesis and applications of GDY‐supported metals and metal compounds are presented. The review considers nanoparticles, nanoclusters, and dual and single atoms, and concurrently catalogues these in specific application domains. Moreover, future challenges and the development potentials of GDY‐supported materials are discussed to provide different perspectives and ideas.