Photodetectors (PDs), as an indispensable component in electronics, are highly desired to be flexible to meet the trend of next‐generation wearable electronics. Unfortunately, no in‐depth reviews on the design strategies, material exploration, and potential applications of wearable photodetectors are found in literature to date. Thus, this progress report first summarizes the fundamental design principles of turning “hard” photodetectors “soft,” including 2D (polymer and paper substrate‐based devices) and 1D PDs (fiber shaped devices). In short, the flexibility of PDs is realized through elaborate substrate modification, material selection, and device layout. More importantly, this report presents the current progress and specific requirements for wearable PDs according to the application: monitoring, imaging, and optical communication. Challenges and future research directions in these fields are proposed at the end. The purpose of this progress report is not only to shed light on the basic design principles of wearable PDs, but also serve as the roadmap for future exploration in wearable PDs in various applications, including health monitoring and Internet of Things.