The surge in advanced manufacturing techniques has led to a paradigm shift in the realm of material design from developing completely new chemistry to tailoring geometry within existing materials. Kirigami, evolved from a traditional cultural and artistic craft of cutting and folding, has emerged as a powerful framework that endows simple 2D sheets with unique mechanical, thermal, optical, and acoustic properties, as well as shape‐shifting capabilities. Given its flexibility, versatility, and ease of fabrication, there are significant efforts in developing kirigami algorithms to create various architectured materials for a wide range of applications. This review summarizes the fundamental mechanisms that govern the transformation of kirigami structures and elucidates how these mechanisms contribute to their distinctive properties, including high stretchability and adaptability, tunable surface topography, programmable shape morphing, and characteristics of bistability and multistability. It then highlights several promising applications enabled by the unique kirigami designs and concludes with an outlook on the future challenges and perspectives of kirigami‐inspired metamaterials toward real‐world applications.