Lithium‐sulfur batteries (LSBs) are regarded as a highly promising next‐generation energy storage technology due to their exceptional theoretical capacity and energy density. However, the practical application of these batteries is hindered by several challenges, including significant volume change of active materials, severe shuttle effect of lithium polysulfides, inadequate electronic and ionic conductivity, and safety concerns. These issues are particularly pronounced in cathodes with high sulfur loading, which are essential for the effective implementation of LSBs. Binders are an essential constituent of sulfur cathodes, and they perform a crucial function in enhancing the efficacy of LSBs, particularly when subjected to high sulfur loading. A considerable amount of research has been conducted to investigate the potential of multifunctional binders to tackle the aforementioned challenges associated with LSBs. This article provides a comprehensive overview of the various roles that advanced multifunctional binders play in LSBs, including but not limited to preserving electrode integrity, capturing lithium polysulfides, regulating Li2S deposition, accelerating reaction kinetics, enhancing ionic and electronic conductivity, promoting sulfur cathode safety, and safeguarding the environment. Additionally, the paper outlines the challenges and prospects for future research endeavors aimed at creating innovative multifunctional binders and improving the overall performance of LSBs.