Graphitic carbon nitride (g‐C3N4) is a metal‐free semiconductor that has been widely regarded as a promising candidate for sustainable energy production or storage. In recent years, g‐C3N4 has become the center of attention by virtue of its impressive properties, such as being inexpensive, easily fabricable, nontoxic, highly stable, and environment friendly. Herein, the recent research developments related to g‐C3N4 are outlined, which sheds light on its future prospective. Various synthetic methods and their impact on the properties of g‐C3N4 are detailed, along with discussion on frequently used characterization methods. Different approaches for g‐C3N4 surface functionalization, mainly categorized under covalent and noncovalent strategies, are outlined. Moreover, the processing methods of g‐C3N4, such as g‐C3N4‐based thin films, hierarchical, and hybrid structures, are explored. Next, compared with the extensively studied energy‐related applications of the modified g‐C3N4s, relatively less‐examined areas, such as environmental and sensing, are presented. By highlighting the strong potential of these materials and the existing research gaps, new researchers are encouraged to produce functional g‐C3N4‐based materials using diverse surface modification and processing routes.