The rapid expansion of the global economy has led to a surge in energy demand, resulting in significant environmental pollution and energy scarcity due to the concomitant increase in greenhouse gas emissions. The advancement of deep eutectic solvents (DESs) has introduced a viable substitute for traditional solvents and processing methods, boasting numerous intrinsic benefits, such as superior eco‐compatibility, outstanding thermal stability, and desirable electrochemical properties. Consequently, DESs have garnered significant attention from the research community, demonstrating a broad spectrum of prospective applications in a variety of fields for instance energy, biomass degradation, materials synthesis, and biomedicine. This review aims to offer a comprehensive and methodical overview of DESs, encompassing their historical development, classification, preparation methodologies, and fundamental physicochemical properties. Furthermore, this review explores the applications of DESs in the synthesis of various functional materials and examines their multifunctional roles. Crucially, the economic viability of DESs for environmental and energy applications is thoroughly examined, including an assessment of their cost‐effectiveness and market potential. Finally, the review concludes by outlining future research directions for DESs development and the challenges that remain.