Two‐dimensional (2D) materials have attracted extensive research interests due to their excellent properties related to unique structure. Strain engineering, as an important strategy for tuning the lattice and electronic structure of 2D materials, has been widely used in the modulation of physical properties, which broadens their applications in flexible nanoelectronic and optoelectronic devices. In this review, we first summarize the methods of inducing strain to 2D materials and discuss the advantages and problems of various methods. We then introduce the strain‐induced effects on optical, electrical, and magnetic properties, together with the phase transition of 2D materials. Finally, we illustrate the potential applications of strained 2D materials and further look forward to their opportunities and challenges in practical applications in the future.