Single‐atom catalysts (SACs) with individual and isolated metal atoms anchored to supports can act as active centers. Single‐atom catalysis is powerful and attractive because SACs have demonstrated distinguishing performances, such as drastic cost‐reduction, notable catalytic activity, and selectivity. Herein, we firstly introduce SAC, including the concept and some key issues in synthesis and catalysis. Then, the power of single‐atom catalysis is highlighted and the most recent advances are summarized. It is very encouraging that in recent years our understanding of SACs has increased, owing to substantial studies regarding sample preparation, characterization, evaluation, and also mechanistic interpretation. On the other hand, great challenges still remain for SACs.