Thrombin, a coagulation‐inducing protease, has long been used in the hemostatic field. During the past decades, many other therapeutic uses of thrombin have been developed. For instance, burn treatment, pseudoaneurysm therapy, wound management, and tumor vascular infarction (or tumor vasculature blockade therapy) have all utilized the unique and powerful function of thrombin. Based on their therapeutic effects, many thrombin‐associated products have been certificated by the Food and Drug Administration, including bovine thrombin, human thrombin, recombinant thrombin, fibrin glue, etc. Besides, several thrombin‐based drugs are currently undergoing clinical trials. In this article, we summarize the therapeutic uses of thrombin (from the initial hemostasis to the latest cancer therapy), the commercially available drugs associated with thrombin, and the pros and cons of thrombin‐based therapeutics (e.g., adverse immune responses related to bovine thrombin, thromboinflammation, and vasculogenic “rebounds”). Further, we discuss the current challenges and possible future research directions of thrombin‐incorporated biomaterials and therapies. It is hoped that this review may provide a valuable reference for researchers in this field and help them to design safer and more effective thrombin‐based drugs for fighting against various intractable diseases.This article is protected by copyright. All rights reserved