Transfer printing is a materials assembly technique that uses elastomeric stamps for heterogeneous integration of various classes of micro‐ and nanostructured materials into two‐ and three‐dimensionally organized layouts on virtually any type of substrate. Work over the past decade demonstrates that the capabilities of this approach create opportunities for a wide range of device platforms, including component‐ and system‐level embodiments in unusual optoelectronic technologies with characteristics that cannot be replicated easily using conventional manufacturing or growth techniques. This review presents recent progress in functional materials and advanced transfer printing methods, with a focus on active components that emit, absorb, and/or transport light, ranging from solar cells to light‐emitting diodes, lasers, photodetectors, and integrated collections of these in functional systems, where the key ideas provide unique solutions that address limitations in performance and/or functionality associated with traditional technologies. High‐concentration photovoltaic modules based on multijunction, micro‐ and millimeter‐scale solar cells and high‐resolution emissive displays based on microscale inorganic light‐emitting diodes provide examples of some of the most sophisticated systems, geared toward commercialization.