Surface‐enhanced enhanced Raman spectroscopy (SERS) has emerged as a powerful analytical technique for ultrasensitive and label‐free detection of chemical species, with numerous applications in various fields. Recently, 2D MXenes, have evoked substantial intrigue as promising substrates for SERS. Hence, a comprehensive understanding of the developments in the Raman effect and the mechanisms involved in SERS is highly crucial. The review reflects the advances, working principle, and dual mechanisms, including SERS's electromagnetic and chemical mechanisms. Noble metal nanostructures are highly prioritized as SERS substrates owing to their excellent sensitivity. However, due to certain disadvantages that they pose, metal‐free SERS substrates with exceptional tunable properties are extensively researched in the current days. The combination of 2D MXenes and nanostructures can be effective in producing enhanced SERS signals. SERS performance of different MXene‐based materials is emphasized. The performance of this combination is credited to their large surface‐to‐volume ratio, good electrical conductivity, and surface‐terminated functionalities. The recent advancements in MXenes and MXenes‐based heterostructures driven SERS sensing concerning the structural design of the material, its performance, and the mechanisms are studied. Finally, a detailed conclusion is provided with the challenges and future perspectives for designing 2D materials for efficient SERS sensors.