Over the past several years, a new surge of interest in paper electronics has arisen due to the numerous merits of simple micro/nanostructured substrates. Herein, the latest advances and principal issues in the design and fabrication of paper-based flexible electronics are highlighted. Following an introduction of the fascinating properties of paper matrixes, the construction of paper substrates from diverse functional materials for flexible electronics and their underlying principles are described. Then, notable progress related to the development of versatile electronic devices is discussed. Finally, future opportunities and the remaining challenges are examined. It is envisioned that more design concepts, working principles, and advanced papermaking techniques will be developed in the near future for the advanced functionalization of paper, paving the way for the mass production and commercial applications of flexible paper-based electronic devices.