The development of new functional materials is crucial for addressing global challenges such as clean energy or the discovery of new drugs and antibiotics. Functional material systems are typically composed of functional molecular building blocks, organized across multiple length scales in a hierarchical order. The large design space allows for precise tuning of properties to specific applications, but also makes it time‐consuming and expensive to screen for optimal structures using traditional experimental methods. Machine learning (ML) models can potentially revolutionize the field of materials science by predicting chemical syntheses and materials properties with high accuracy. However, ML models require data to be trained and validated. Methods to automatically extract data from scientific literature make it possible to build large and diverse datasets for ML models. In this article, opportunities and challenges of data extraction and machine learning methods are discussed to accelerate the discovery of high‐performing functional material systems, while ensuring that the predicted materials are stable, synthesizable, scalable, and sustainable. The potential impact of large language models (LLMs) on the data extraction process are discussed. Additionally, the importance of research data management tools is discussed to overcome the intrinsic limitations of data extraction approaches.