Borophene, a new member of the two‐dimensional (2D) materials family, has attracted researchers since its first experimental synthesis. Borophene (2D boron nanosheet) differs significantly from other 2D materials due to its low energy requirement to form defects, anisotropy, electron‐deficient structure, multicentered bonding, etc. The uniqueness in properties of borophene compared to other 2D materials makes it suitable for applications in catalysis, sensing, energy storage, etc. The present review summarizes the development of borophene synthesis and emphasizes its applications in catalysis. Different synthesis approaches and their advantages and limitations are discussed briefly as substantial reviews are available on borophene synthesis. The applications of pristine borophene and their modified heterostructure in the field of catalysis were thoroughly reviewed, focusing on the electrocatalysis applications. Finally, the review discussed the future scope of borophene in designing new materials as well as opportunities to be utilized for other application fields. Since there is a lack of a good number of experimental reports on the applications of borophene and its derivatives, a huge opportunity is waiting for the researchers to explore the unknown world of borophene. In this regard, this review will help the researchers in an excellent manner.