We present an inclusive overview of the ultrafast ablation technique performed in liquids. Being a comparatively new method, we bring out the recent progress achieved, present the challenges ahead, and outline the future prospects for this technique. The review is conveniently divided into five parts: (a) a succinct preamble to the technique of ultrafast ablation in liquids (ULAL) is provided. A brief introduction to the conventional ns ablation is also presented for the sake of completeness (b) fundamental physical processes involved in this technique are elaborated (c) specific advantages of the technique compared to other physical and chemical methodologies are enumerated (d) applications of this technique in photonics; biomedical and explosives detection [using surface-enhanced Raman scattering (SERS)] is updated (e) future prospects describing the potential of this technique for creating unique nanoparticles (NPs) and nanostructures (NSs) for niche applications. We also discuss some of the recently reported significant results achieved in a variety of materials, especially metals, using this technique. Furthermore, we present some of our own experimental data obtained from ULAL of Ag, Cu, and Zn in a variety of liquids such as acetone, water, acetonitrile etc. The generated NPs (colloidal solutions) and NSs (on substrates) have been successfully utilized for nonlinear optical, SERS, and biomedical applications.