Nanofibers have unique functionalities based on their nanoscaled cross‐section, high specific surface area, and high molecular orientation inside the fibers. These functionalities can be improved by controlling their diameter, surface and internal structures. The introduction of ion‐exchange sites on the surface and/or inside the nanofibers provides novel high‐functional ion‐exchangers with high surface areas, high ion‐exchange and adsorption capacities, and high ionic conductivities. The present review highlights the fundamental aspects of ion‐exchange nanofibers (i.e. their size‐dependent unique properties and production methods) and their recent advances in the environment and energy applications (i.e. separation/purification processes and fuel cells). © 2018 Society of Chemical Industry