Polymer‐based magnetoelectric (ME) materials are an interesting, challenging and innovative research field, that will bridge the gap between fundamental research and applications in the near future. Here, the current state of the art on the different materials, the used configurations for the development of sensors and actuators, as well as the main values of the ME coupling obtained for the different polymer‐based systems are summarized. Further, some of the specific applications that are being developed for those polymer‐based ME materials are addressed as well as the main advantages and remaining challenges in this research field.