Correlated classical and quantum many‐particle systems out of equilibrium are of high interest in many fields, including dense plasmas, correlated solids, and ultracold atoms. Accurate theoretical description of these systems is challenging both, conceptionally and with respect to computational resources. While for classical systems, in principle, exact simulations are possible via molecular dynamics, this is not the case for quantum systems. Alternatively, one can use many‐particle approaches such as hydrodynamics, kinetic theory, or nonequilibrium Green functions (NEGF). However, NEGF exhibit a very unfavorable cubic scaling of the CPU time with the number of time steps. An alternative is the G1–G2 scheme [N. Schlünzen et al., Phys. Rev. Lett. 124, 076601 (2020)] which allows for NEGF simulations with time linear scaling, however, at the cost of large memory consumption. The reason is the need to store the two‐particle correlation function. This problem can be overcome for a number of approximations by reformulating the kinetic equations in terms of fluctuations – an approach that was developed, for classical systems, by Yu.L. Klimontovich [JETP 33, 982 (1957)]. Here, we present an overview of his ideas and extend them to quantum systems. In particular, we demonstrate that this quantum fluctuations approach can reproduce the nonequilibrium GW approximation [E. Schroedter et al., Cond. Matt. Phys. 25, 23401 (2022)] promising high accuracy at low computational cost which arises from an effective semiclassical stochastic sampling procedure. We also demonstrate how to extend the approach to the two‐time exchange‐correlation functions and the density response properties. [E. Schroedter et al., Phys. Rev. B 108, 205109 (2023)]. The results are equivalent to the Bethe–Salpeter equation for the two‐time exchange‐correlation function when the generalized Kadanoff‐Baym ansatz with Hartree‐Fock propagators is applied [E. Schroedter and M. Bonitz, phys. stat. sol. (b) 2024, 2300564].