Over the past decade, conventional MAX phases and MXenes have garnered significant interest, primarily limited to carbides and/or nitrides. However, in 2019, the hexagonal ternary boride Ti2InB2 was successfully synthesized, sparking extensive research into hexagonal MAB (h‐MAB) phases and their derived MBenes (h‐MBenes). In recent years, h‐MAB and h‐MBenes have become focal points in the fields of physics, chemistry, and materials science. The unique properties and promising performances of h‐MBenes in catalysis, energy storage, spintronics, and electrical devices underscore their considerable potential. Nonetheless, the exploration of h‐MAB and h‐MBenes is still in its nascent stages, with many anticipated properties and potentials yet to be fully explored. This article introduces the general concepts, crystal structure, and exfoliation properties of h‐MAB phases, while also highlighting advancements in the synthesis and applications of h‐MBenes. Finally, we discuss future challenges and prospects for the study of h‐MAB and h‐MBenes.