The discovery and characterization of the signal cascades of the β‐adrenergic receptors have made it possible to effectively target the receptors for drug development. β‐Adrenergic receptors are a class A rhodopsin type of G protein‐coupled receptors (GPCRs) that are stimulated mainly by catecholamines and therefore mediate diverse effects of the parasympathetic nervous system in eliciting “fight or flight” type responses. They are detectable in several human tissues where they control a plethora of physiological processes and therefore contribute to the pathogenesis of several disease conditions. Given the relevance of the β‐adrenergic receptor as a molecular target for many pathological conditions, this comprehensive review aims at providing an in‐depth exploration of the recent advancements in β3‐adrenergic receptor research. More importantly, we delve into the prospects of the β3‐adrenergic receptor as a therapeutic target across a variety of clinical domains.