Process analytical technology (PAT) is a cross‐sectional technology and thus essential for future smart production. While in the past decades, the focus of process optimization strategies was on increasing efficiency, in the future, the focus will be on the sustainability of a production and its products. In addition, products will be increasingly personalized in order to match the property profile exactly to the intended use. PAT is able to provide context‐sensitive information at the molecular level for process control. Spectroscopic sensors can determine inline and simultaneously both the chemical composition and its sub‐microscopic morphology. The article will focus on the optical spectroscopy and therefore starts with a brief introduction on the basic concepts of molecular spectroscopy. In addition, the particularities of measuring liquids, surfaces, or particulate systems in PAT applications are described. This should enable the reader to select the appropriate method for the specific problem. Many examples from everyday industrial practice illustrate the applications. The areas covered are the manufacturing industry, process and pharmaceutical industry, food industry, as well as biotechnology and medical technology. Future will show that PAT is especially important for applications in the field of medicine (point of care) circular economy (recycling, water–wastewater, etc.). It is important to emphasize that sustainability in industrial production can only be successful with an inter‐ and transdisciplinary close exchange between the different disciplines.