During the past 50 years, ion‐exchange membranes and related processes have attracted multidisciplinary attentions and also found a variety of applications such as water desalination, cleaning production or separation, resources recycling, power generation, and sensitive electrode preparation. The evolvement of an ion‐exchange membrane can achieve the maximal utilization of resources and pollution prevention. Electrodialysis (ED) processes based on ion‐exchange membranes play the same role as “photosynthesizers” in industrial ecosystems and inherently possesses economical and environmental benefits. Therefore, the intention of this article is to give a brief summary of the preparation, characterization, and applications of ion‐exchange membranes. Primary attentions have been given to the preparation of homogenous membranes, hybrid organic–inorganic membranes, bipolar membranes, as well as amphoteric and mosaic membranes. Methodologies used for the characterization of ion‐exchange membranes are summarized subsequently. Finally, the main principles of various ion‐exchange‐membranes‐based processes are described and their advantages and limitations in various applications are also pointed out. Although numerous progresses have been made regarding preparations and applications of ion‐exchange membranes, the industrial applications of ion‐exchange‐membranes‐based processes gradually lack behind the pressure‐driven membranes processes due to the commercial interests. However, the inherent technological advance and environmental benignity of ion‐exchange membranes deserve the collaborative efforts of academia, industry, and government to bring ion‐exchange membranes technologies to perfection.