Photoplethysmography (PPG) technology enables the measurement of multiple physiological and psychological parameters with low‐cost wearable sensors and is reshaping modern healthcare. Advanced materials play a vital role in improving reliability and accuracy of PPG sensors. Recently, various advanced materials have been explored to optimize PPG sensor design, while some challenges exist toward large‐scale validation and mass production. This paper focuses on advanced materials applied in the photodetectors, light sources, and circuits of PPG sensors. The materials are categorized into four groups: inorganic, organic, nanomaterials, and hybrid materials. The properties and fabrication processes are summarized. Other technical details including the mode of operation, measurement sites, testing, and validation are discussed. The merits and limitations of the state of the art are highlighted to provide some suggestions for the future development of PPG sensors based on advanced materials.