Metasurfaces are planar photonic elements composed of subwavelength nanostructures, which can deeply interact with light and exploit new degrees of freedom (DOF) to manipulate optical fields. In the past decade, metasurfaces have drawn great interest from the scientific community due to their profound potential to arbitrarily control light. Here, recent developments of multiplexing and multifunctional metasurfaces, which enable concurrent tasks through a dramatic compact design, are reviewed. The fundamental properties, design strategies, and applications of multiplexing and multifunctional metasurfaces are then discussed. First, recent progress on angular momentum multiplexing, including its behavior under different incident conditions, is considered. Second, a detailed overview of polarization‐controlled, wavelength‐selective, angle‐selective, and reconfigurable multiplexing/multifunctional metasurfaces is provided. Then, the integrated and on‐chip design of multifunctional metasurfaces is addressed. Finally, future directions and potential applications are presented.