Hollow micro/nanostructured CeO2‐based materials (HMNCMs) have triggered intensive attention as a result of their unique structural traits, which arise from their hollowness and the fascinating physicochemical properties of CeO2. This attention has led to widespread applications with improved performance. Herein, a comprehensive overview of methodologies applied for the synthesis of various hollow structures, such as hollow spheres, nanotubes, nanoboxes, and multishelled hollow spheres, is provided. The synthetic strategies toward CeO2 hollow structures are classified into three major categories: 1) well‐established template‐assisted (hard‐, soft‐, and in situ template) methods; 2) newly emerging self‐template approaches, including selective etching, Ostwald ripening, the Kirkendall effect, galvanic replacement, etc.; 3) bottom‐up self‐organized formation synthesis (namely, oriented attachment and self‐deformation). Their underlying mechanisms are concisely described and discussed in detail, the differences and similarities of which are compared transversely and longitudinally. Niche applications of HMNCMs in a wide range of fields including catalysis, energy conversion and storage, sensors, absorbents, photoluminescence, and biomedicines are reviewed. Finally, an outlook of future opportunities and challenges in the synthesis and application of CeO2‐based hollow structures is also presented.