Memetic algorithms (MAs) are population‐based search strategies that have been extensively used as metaheuristics for optimization problems in a large number of domains. They are based on the synergistic combination of different algorithmic solvers, with an emphasis on hybridizations with advanced mathematical programming techniques. The synergies are obtained by balancing competitive and cooperative interactions among software agents, which are allowed to have different search strategies and sporadically interact. The paradigm was specially designed for heterogeneous distributed systems and parallel computers 20 years ago. We present a brief historical perspective on MAs, an outline of their algorithmic structural template, and some relevant design aspects of these techniques. The strong momentum of the field is further illustrated by an overview of up‐to‐date algorithmic developments of the paradigm and by highlighting some of the most recent applications published in the literature.