Alternating sequencing of styrene‐maleimide/maleic anhydride (S‐MI/MA) in the copolymer chain is known for a long time. But since early 2000, this class of copolymers has been extensively studied using various living/controlled polymerization techniques to design S‐MI/MA alternating copolymers with tunable molecular weight, narrow dispersity (Ð), and precise chain‐end functionality. The widespread diverse applications of this polymeric backbone are due to its ease of synthesis, cheap starting materials, high precision in alternating sequencing, and facile post‐polymerization functionalization with simple organic reactions. Recently, S‐MI/MA alternating copolymers have been rediscovered as novel polymers with unprecedented emissive behavior. It outperforms the traditional fluorophores with no aggregation caused quenching (ACQ), aqueous solubility, and greater cell viability. Herein, the origin of alternating sequence, synthesis, and recent (2010‐Present) developments in applications of these polymers in different fields are elaborately discussed, including the advantages of the unconventional luminogenic property. This review article also highlights the future research directions of the versatile S‐MI/MA copolymers.