MicroRNAs (miRNAs) are a class of noncoding RNAs that occupy a significant role in biological processes as important regulators of intracellular homeostasis. First, we will discuss the biological genesis and functions of the miR‐302/367 cluster, including miR‐302a, miR‐302b, miR‐302c, miR‐302d, and miR‐367, as well as their roles in physiologically healthy tissues. The second section of this study reviews the progress of the miR‐302/367 cluster in the treatment of cancer, inflammation, and diseases associated with aging. This cluster's aberrant expression in cells and/or tissues exhibits similar or different effects in various diseases through molecular mechanisms such as proliferation, apoptosis, cycling, drug resistance, and invasion. This article also discusses the upstream and downstream regulatory networks of miR‐302/367 clusters and their related mechanisms. Particularly because studies on the upstream regulatory molecules of miR‐302/367 clusters, which include age‐related macular degeneration, myocardial infarction, and cancer, have become more prevalent in recent years. MiR‐302/367 cluster can be an important therapeutic target and the use of miRNAs in combination with other molecular markers may improve diagnostic or therapeutic capabilities, providing unique insights and a more dynamic view of various diseases. It is noted that miRNAs can be an important bio‐diagnostic target and offer a promising method for illness diagnosis, prevention, and treatment.