Solution self‐assembly of amphiphilic “rod‐coil” copolymers, especially linear block copolymers and graft copolymers (also referred to as polymer brushes), has attracted considerable interest, as replacing one of the blocks of a coil‐coil copolymer with a rigid segment results in distinct self‐assembly features compared with those of the coil‐coil copolymer. The unique interplay between microphase separation of the rod and coil blocks with great geometric disparities can lead to the formation of unusual morphologies that are distinctly different from those known for coil‐coil copolymers. This review presents the recent achievements in the controlled self‐assembly of rod‐coil linear block copolymers and graft copolymers in solution, focusing on copolymer systems containing conjugated polymers, liquid crystalline polymers, polypeptides, and polyisocyanates as the rod segments. The discussions concentrate on the principle of controlling over the morphology of rod‐coil copolymer assemblies, as well as their distinctive optical and optoelectronic properties or biocompatibility and stimuli‐responsiveness, which afford the assemblies great potential as functional materials particularly for optical, optoelectronic and biological applications. © 2017 Wiley Periodicals, Inc. J. Polym. Sci., Part A: Polym. Chem. 2017, 55, 1459–1477