Ferroelectric memory is a promising candidate for next‐generation nonvolatile memory owing to its outstanding performance such as low power consumption, fast speed, and high endurance. However, the ferroelectricity of conventional ferroelectric materials will be eliminated by the depolarization field when the size drops to the nanometer scale. As a result, the miniaturization of ferroelectric devices was hindered, which makes ferroelectric memory unable to keep up with the development of integrated‐circuit (IC) miniaturization. Recently, a two‐dimensional (2D) In2Se3 was reported to maintain stable ferroelectricity at the ultrathin scale, which is expected to break through the bottleneck of miniaturization. Soon, devices based on 2D In2Se3, including the ferroelectric field‐effect transistor, ferroelectric channel transistor, synaptic ferroelectric semiconductor junction, and ferroelectric memristor were demonstrated. However, a comprehensive understanding of the structures and the ferroelectric‐switching mechanism of 2D In2Se3 is still lacking. Here, the atomic structures of different phases, the dynamic mechanism of ferroelectric switching, and the performance/functions of the latest devices of 2D In2Se3 are reviewed. Furthermore, the correlations among the structures, the properties, and the device performance are analyzed. Finally, several crucial problems or challenges and possible research directions are put forward. We hope that this review paper can provide timely knowledge and help for the research community to develop 2D In2Se3 based ferroelectric memory and computing technology for practical industrial applications.