Researchers worldwide are taking advantage of novel, commercially available, technologies, such as ion mobility mass spectrometry (IM‐MS), for metabolomics and lipidomics applications in a variety of fields including life, biomedical, and food sciences. IM‐MS provides three main technical advantages over traditional LC‐MS workflows. Firstly, in addition to mass, IM‐MS allows collision cross‐section values to be measured for metabolites and lipids, a physicochemical identifier related to the chemical shape of an analyte that increases the confidence of identification. Second, IM‐MS increases peak capacity and the signal‐to‐noise, improving fingerprinting as well as quantification, and better defining the spatial localization of metabolites and lipids in biological and food samples. Third, IM‐MS can be coupled with various fragmentation modes, adding new tools to improve structural characterization and molecular annotation. Here, we review the state‐of‐the‐art in IM‐MS technologies and approaches utilized to support metabolomics and lipidomics applications and we assess the challenges and opportunities in this growing field.