Reactive oxygen species play a crucial role in cell signaling pathways during wound healing phases. Treatment strategies to balance the redox level in the deep wound tissue are emerging for wound management. In recent years, reactive oxygen species scavenging agents including natural antioxidants, reactive oxygen species (ROS) scavenging nanozymes, and antioxidant delivery systems have been widely employed to inhibit oxidative stress and promote skin regeneration. Here, the importance of reactive oxygen species in different wound healing phases is critically analyzed. Various cutting‐edge bioactive ROS nanoscavengers and antioxidant delivery platforms are discussed. This review also highlights the future directions for wound therapies via reactive oxygen species scavenging. This comprehensive review offers a map of the research on ROS scavengers with redox balancing mechanisms of action in the wound healing process, which benefits development and clinical applications of next‐generation ROS scavenging‐based nanomaterials in skin regeneration.