Since the discovery of graphene, the development of new two‐dimensional (2D) materials has received considerable interest. Recently, as a newly emerging member of the 2D family, 2D metastable‐phase oxides that combine the unique advantages of metal oxides, 2D structures, and metastable‐phase materials have shown enormous potential in various catalytic reactions. In this review, the potential of various 2D materials to form a metastable‐phase is predicted. The advantages of 2D metastable‐phase oxides for advanced applications, reliable methods of synthesizing 2D metastable‐phase oxides, and the application of these oxides in different catalytic reactions are presented. Finally, the challenges associated with 2D metastable‐phase oxides and future perspectives are discussed.