Thermoplastic elastomers (TPEs) are biphasic blends of soft amorphous matrix and hard crystalline/glassy domains in which the soft matrix is physically integrated with the help of the hard phase. They possess the physical properties of thermoset rubbers, such as flexibility, softness, and resilience, but they can be processed by plastic processing techniques unlike rubbers. They can be recycled since no external cross‐linking agents are required during processing. This article delineates different synthetic methods (existing as well as the newer methods), structure–property relationship, morphology, environmental issues, health aspects, and applications of various classes of thermoplastic elastomers. Some of the new‐generation thermoplastic elastomers such as acrylate, self‐healing, silicone‐based, fluorinated, ionic, and bio‐based TPEs have been explored in industrial applications due to their attractive properties such as high performance, lower as well as upper service temperature, and high‐temperature resistance. The circular economy and sustainability aspects of the TPEs are also discussed.