Phase‐change phenomena have been an attractive research theme for decades due to the dynamic transition of material properties providing extraordinary capabilities for versatile optical device applications. Even at the terahertz (THz) frequency regime, phase‐change materials (PCMs) promote the development of dynamic devices, especially when combined with a plasmonic approach delivering strong field enhancement and localization. According to the design of plasmonic metamaterials or hybrid composites, PCMs can actively modulate the electromagnetic properties of THz waves through thermal, electrical, and optical means. In turn, THz waves can affect the PCM properties in the nonlinear regime due to the intense field strength enhancement by plasmonic structures. Here, a few types of PCMs demonstrating promising potential in THz plasmonic applications are introduced. Starting from the best‐known transition metal oxide, vanadium dioxide (VO2), which possesses an insulator‐to‐metal phase transition near room temperature, superconductors, chalcogenides, ferroelectrics, liquid crystals, and liquid metals are covered along with their phase‐change properties and the control mechanisms infused with THz plasmonic applications. The corresponding recent progress presenting how PCMs combined with plasmonic structures can demonstrate effective THz modulation is reviewed. This general overview may provide a better understanding of dynamic THz plasmonics and new ideas for future THz technology.