Diamond is a highly attractive material for ample applications in material science, engineering, chemistry, and biology because of its favorable properties. The advent of conductive diamond coatings and the steady demand for miniaturization in a plethora of economic and scientific fields resulted in the impetus for interdisciplinary research to develop intricate deposition techniques for thin (≤1000 nm) and ultra‐thin (≤100 nm) diamond films on non‐diamond substrates. By virtue of the lowered thickness, diamond coatings feature high optical transparency in UV–IR range. Combined with their semi‐conductivity and mechanical robustness, they are promising candidates for solar cells, optical devices, transparent electrodes, and photochemical applications. In this review, the difficulty of (ultra‐thin) diamond film development and production, introduction of important stepping stones for thin diamond synthesis, and summarization of the main nucleation procedures for diamond film synthesis are elucidated. Thereafter, applications of thin diamond coatings are highlighted with a focus on applications relying on ultrathin diamond coatings, and the excellent properties of the diamond exploited in said applications are discussed, thus guiding the reader and enabling the reader to quickly get acquainted with the research field of ultrathin diamond coatings.