Due to the increasing importance of artificial intelligence (AI), significant recent effort has been devoted to the development of neuromorphic circuits that seek to emulate the energy‐efficient information processing of the brain. While non‐volatile memory (NVM) based on resistive switches, phase‐change memory, and magnetic tunnel junctions has shown potential for implementing neural networks, additional multi‐terminal device concepts are required for more sophisticated bio‐realistic functions. Of particular interest are memtransistors based on low‐dimensional nanomaterials, which are capable of electrostatically tuning memory and learning behavior at the device level. Herein, a conceptual overview of the memtransistor is provided in the context of neuromorphic circuits. Recent progress is surveyed for memtransistors and related multi‐terminal NVM devices including dual‐gated floating‐gate memories, dual‐gated ferroelectric transistors, and dual‐gated van der Waals heterojunctions. The different materials systems and device architectures are classified based on the degree of control and relative tunability of synaptic behavior, with an emphasis on device concepts that harness the reduced dimensionality, weak electrostatic screening, and phase‐changes properties of nanomaterials. Finally, strategies for achieving wafer‐scale integration of memtransistors and multi‐terminal NVM devices are delineated, with specific attention given to the materials challenges for practical neuromorphic circuits.