Functional liquid‐based interfaces, with their inhomogeneous regions that emphasize the functionalized liquids, have attracted much interest as a versatile platform for a broad spectrum of applications, from chemical manufacturing to practical uses. These interfaces leverage the physicochemical characteristics of liquids, alongside dynamic behaviors induced by macroscopic wettability and microscopic molecular exchange balance, to allow for tailored properties within their functional structures. In this Minireview, we provide a foundational overview of these functional interfaces, based on the structural investigations and molecular mechanisms of interaction forces that directly modulate functionalities. Then, we discuss design strategies that have been employed in recent applications, and the crucial aspects that require focus. Finally, we highlight the current challenges in functional liquid‐based interfaces and provide a perspective on future research directions.