This article reviews the current research on the 112‐phase of pnictides. The 112‐phase has gained augmented attention due to the recent discovery of high‐temperature superconductivity in Ca1−xLaxFeAs2 with a maximum critical temperature Tnormalc∼ 47thinmathspacenormalK upon Sb substitution. The structural, magnetic, and electronic properties of Ca1−xLaxFeAs2 bear some similarities with other superconducting pnictide phases, however, the different valence states of the pnictogen and the presence of a metallic spacer layer are unique features of the 112‐system. Low‐temperature superconductivity which coexists with antiferromagnetic order was observed in transition metal (Ni, Pd) deficient 112‐compounds like CeNixBi2, LaPdxBi2, LaPdxSb2, LaNixSb2. Besides superconductivity, the presence of naturally occurring anisotropic Dirac Fermionic states were observed in the layered 112‐compounds SrMnBi2, CaMnBi2, LaAgBi2 which are of significant interest for future nanoelectronics as an alternative to graphene. In these compounds, the linear energy dispersion resulted in a high magnetoresistance that stayed unsaturated even at the highest applied magnetic fields. Here, we describe various 112‐type materials systems combining experimental results and theoretical predictions to stimulate further research on this less well‐known member of the pnictide family.