Recently, ferroelectric tunnel junctions (FTJs) have attracted considerable attention for potential applications in next‐generation memories, owing to attractive advantages such as high‐density of data storage, nondestructive readout, fast write/read access, and low energy consumption. Herein, recent progress regarding FTJ devices is reviewed with an emphasis on the modulation of the potential barrier. Electronic and ionic approaches that modulate the ferroelectric barriers themselves and/or induce extra barriers in electrodes or at ferroelectric/electrode interfaces are discussed with the enhancement of memory performance. Emerging physics, such as nanoscale ferroelectricity, resonant tunneling, and interfacial metallization, and the applications of FTJs in nonvolatile data storage, neuromorphic synapse emulation, and electromagnetic multistate memory are summarized. Finally, challenges and perspectives of FTJ devices are underlined.