Functional materials have become key drivers in the development of multiple high‐end technologies. Electrohydrodynamic processing (EHDP) is a straightforward method to generate polymer micro‐ and nanostructures that can be applied to the food, pharmaceutical, environmental, and biomedical areas, among others, since these can yield materials with higher performance. Some of the EHDP's advantages over other polymer processing technologies rely on its high versatility, by which the final assembly can be modified in different ways to combine materials with multiple properties and also in different morphological structures, and the use of room processing conditions, meaning that thermolabile ingredients can be incorporated with minimal activity loss. This review provides the historical background, process basics, and the state‐of‐the‐art of the most recent advances achieved in the EHDP technology dealing with the control of its operational parameters to optimize processability and achieve end‐product quality and homogeneity. It also focuses on the newly developed modes of operation and spinneret configurations that can lead to the formation of a wide range of micro‐ and nanostructures with different functionalities and solve some of its current technical limitations. Finally, it also further highlights the potential applications of the resultant hierarchical functional polymer‐based materials obtained by these novel EHDP methods.