Electrospinning is a versatile technique for generating ultrathin fibers, which is widely applied in various biomedical applications. The properties and structures of the fibers are specifically engineered to meet the needs of particular applications. The impact of nanofibrous scaffolds on biological processes is related to the promotion or inhibition of specific cell or bioactive substance functions. Here, a novel analysis of the diverse roles of electrospun nanofibrous scaffolds is provided and recent advances in exploiting their binary attributes for applications in biomedicine are summarized. This review initially introduces the development techniques for electrospinning, specifically the engineering of electrospun nanofibers. Then, scaffold applications for cell migration, adhesion, proliferation, and accelerating regeneration in cardiac, nerve, skeletal muscle, bone tissue, and wound healing are presented. Moreover, their inhibitory properties in cancer treatments, antibacterial applications, anti‐adhesion, anti‐scarring, and inhibition of thrombus formation are summarized. Eventually, the potential for future work using multifunctional, electrospun, nanofibrous scaffolds, in order to further inspire the development of scaffolds for biomedical treatments is summarized and discussed.