Janus transition metal dichalcogenides (JTMDs) have garnered significant interest from the scientific community owing to their remarkable physical and chemical features. The existence of intrinsic dipoles makes them different from conventional transition metal dichalcogenides. These properties are useful in various potential applications, including energy storage, energy generation, and other electronic devices. The JTMDs are considered a hot topic in two dimensional (2D) materials research, making it necessary to understand their fundamental properties and potential use in various applications. This review covers the fundamental difference between Janus and conventional transition metal dichalcogenide‐based 2D materials. This discussion encompasses the characteristics of monolayer, bilayer, and multilayer materials, focusing on their structural stability, electronics properties, optical properties, piezoelectricity, and Rashba effects. The impact of external stimuli such as strain and electric field toward engineering the ground state properties of monolayer JTMDs is discussed. Additionally, various potential applications of Janus monolayers, including gas sensors, catalysis, electrochemical energy storage, thermoelectric, solar cells, and field effect transistors, are highlighted, emphasizing enhancing their performance. Finally, the prospects of Janus 2D materials for next‐generation electronic devices are highlighted.