In chemistry, biology, and materials science, ice‐mediated reactions and ice‐template assembly techniques are garnering increasing attention due to their unique advantages. Such approaches not only offer deep insights into the fundamental roles of ice in nature but also pave new avenues for various applications. This review comprehensively explores the mechanisms and applications of ice‐mediated reactions and assembly. It begins by examining the principles of ice‐mediated reactions, particularly how certain chemical reactions are accelerated in the micro‐environment of ice through freeze‐concentration and freeze‐potential effects, and the relationship between the surface structure and properties of ice and chemical reactions. This work then studies significant chemical reactions within the realms of environmental, biological, and materials science engineering, shedding light on the role of ice in these reactions. Furthermore, this work explores the fundamentals of ice templating in material assembly, describe the main ice‐templating methods, and highlight the ice‐templated materials along with their diverse applications. This work concludes by summarizing the prospective challenges and untapped potentials in the field of ice‐mediated reactions and assembly. This review not only accentuates the transformative impact of ice‐mediated techniques in scientific domains but also serves as an useful guide for future research initiatives and practical applications in this burgeoning field.