The recent dramatic increase in research on isolated metal atoms has received extensive scientific interest in the new frontier of single‐atom catalysis. As newly advanced materials in catalysis, single‐atom catalysts (SACs) have received enormous interest from the perspectives of both scientific research and industrial applications due to their remarkable activity. In addition, other catalytic properties of single metal atoms, including stability and selectivity, can be further improved by tuning their electronic/geometric structures and modulating the metal–support interactions. SACs usually consist of dispersed atoms and appropriate support materials, which are employed to anchor, confine, and/or coordinate with isolated metal atoms. Therefore, the nature of single metal sites allows acquiring a maximum atom utilization approaching 100%, which is of significance, particularly for the development of noble‐metal‐based catalysts. In order to systematically understand the structure–property relationships and the underlying catalytic mechanisms relationship of SACs, the representative scientific research efforts in their synthesis strategies, catalytic applications, and performance regulation are discussed here. Typical single‐atom catalysis processes and the corresponding mechanisms in electrochemistry, photochemistry, organic synthesis, and biomedicine are also summarized. Finally, the challenges and prospects for the development of single‐atom catalysis and SACs are highlighted.