Surface‐enhanced Raman spectroscopy (SERS) has emerged as a distinctive fingerprinting technique, offering a broad spectrum of applications encompassing environmental monitoring, chemical detection, and biomolecular analysis. Electrically modulated SERS (E‐SERS) stands as a technique which leverages an electric field to finely control the Raman signal based on the foundational principles of SERS. Through the manipulation of the physicochemical attributes of a metal or 2D material substrate, E‐SERS brings about an enhancement of the SERS signal. This enhancement occurs through a charge transfer process and modulation of the plasma resonance. This article showcases recent strides in the domain of E‐SERS, encompassing advancements such as the integration of paired integrated electrodes, piezoelectric materials, and pyroelectric materials in the construction of substrates. An exhaustive analysis of the mechanism underpinning the enhancement of the Raman signal is undertaken, alongside an exploration of the prominent attributes characterizing diverse methods for conditioning Raman signals. Elucidations are provided on the significance of employed electric fields in the augmentation of SERS and their manifold applications in drug identification, chemical detection, and catalysis. In summation, a delineation of challenges and perspectives inherent to E‐SERS substrates is presented, delineating a path for prospective comprehensive exploration within this auspicious realm of research.