Systems where cold atmospheric plasma interacts with liquid aerosols provide information on unexplored physico‐chemical phenomena and yield multiple advantages. Plasma‐activated aerosols show high chemical reactivity within small liquid microdroplet volumes, making them suitable for various applications and industrial processes. Plasma–aerosol interactions present complex interdisciplinary challenges that demand detailed investigations of the underlying physical, chemical, and transport mechanisms. This short review focuses on the key challenges in understanding plasma–aerosol interactions and the diagnostic hurdles in elucidating the physical and chemical mechanisms governing microdroplet interactions with plasma discharges. The scalability of plasma–aerosol systems, including high‐throughput charged water flows, are analyzed. Some “niche” applications of plasma–aerosols are identified, especially in decontamination, nitrogen fixation, and agriculture. The controversies in the field are also introduced and critically discussed. The review concludes with a proposed path and outlook for the development of plasma–aerosol technology.