The five‐membered 1,3,4‐oxadiazole heterocyclic ring has received considerable attention because of its unique bio‐isosteric properties and an unusually wide spectrum of biological activities. After a century since 1,3,4‐oxadiazole was discovered, its uncommon potential attracted medicinal chemist's attention, leading to the discovery of a few presently accessible drugs containing 1,3,4‐oxadiazole units, and a large number of patents have been granted on research related to 1,3,4‐oxadiazole. It is worth noting that interest in 1,3,4‐oxadiazoles' biological applications has doubled in the last few years. Herein, this review presents a comprehensive overview of the recent achievements in the synthesis of 1,3,4‐oxadiazole‐based compounds and highlights the major advances in their biological applications in the last 10 years, as well as brief remarks on prospects for further development. We hope that researchers across the scientific streams will benefit from the presented review articles for designing their work related to 1,3,4‐oxadiazoles.