The biomass‐derived platform compound 5‐hydroxymethylfurfural (HMF) has been hailed as the “Sleeping Giant” due to its promising applications, and it occupies a critical spot in the biomass upgrading roadmap. HMF is typically produced from cellulose and its monosaccharides via a complex tandem conversion with multiple steps (i. e., cellulose depolymerization, glucose isomerization, fructose dehydration, etc.). Previous investigations have confirmed the irreplaceable contribution of solvents in regulating the tandem conversion of cellulose and its monosaccharides to HMF. However, the potential effects of solvents in contributing to this multi‐step tandem process have not yet been clearly elucidated. In this context, this Review aims to provide in‐depth insights into the intrinsic interactions between solvent system and substrate conversion (cellulose and its monosaccharides conversion), reaction regulation (reaction activity and selectivity regulation), as well as product acquisition (humins formation inhibition and product purification). It attempts to elucidate specific solvent effects to promote a more efficient tandem conversion of cellulose and its monosaccharides towards HMF. The insights provided in this Review may contribute to a more sustainable HMF production from biomass feedstocks and a further development of greener solvent systems.