The search for ever higher frequency information processing has become an area of intense research activity within the micro, nano, and optoelectronics communities. Compared to conventional semiconductor‐based diffusive transport electron devices, electron tunneling devices provide significantly faster response times due to near‐instantaneous tunneling that occurs at sub‐femtosecond timescales. As a result, the enhanced performance of electron tunneling devices is demonstrated, time and again, to reimagine a wide variety of traditional electronic devices with a variety of new “lightwave electronics” emerging, each capable of reducing the electron transport channel transit time down to attosecond timescales. In response to unprecedented rapid progress within this field, here the current state‐of‐the‐art in electron tunneling devices is reviewed, current challenges and opportunities are highlighted, and possible future research directions are identified.