In the domains of biomedical applications, wearable devices, and soft robotics, recent advancements have underscored the potential of soft, stretchable, and biocompatible devices. The design of optical soft devices has emerged as an ideal candidate for many applications owing to their high flexibility and immunity to electromagnetic interference. In this review, recent advances in soft optical waveguides, including advanced material selection, fabrication strategies, and characterization, are discussed. Herein, a comprehensive summary of the soft‐waveguide sensing strategies and actuation approaches are provided. Furthermore, the extensive applications of soft optical waveguides in the fields of biomedicine, wearable devices, and soft robotics are explored. Lastly, the challenges and opportunities for the future of soft optical waveguides, including multimodal sensing, algorithm optimization, and manufacturing scalability, are discussed.