Functionally graded materials (FGMs) have spatial variations in structure or composition that result in gradients in their mechanical, thermal, swelling, or other properties. FGMs have garnered significant research interest because of their extensive applications in areas such as biomedical implants, sensors, and soft robotics. Recently, grayscale photopolymerization 3D printing has emerged as a promising technology for crafting complex and high‐resolution FGMs. This comprehensive work delves into various grayscale photopolymerization 3D printing techniques, offering insights into their ability to precisely control printing exposure energy and polymerization degree, which in turn influence material properties. Furthermore, this work highlights diverse applications of grayscale vat‐photopolymerization 3D printing. Finally, it offers perspectives on ways to enhance grayscale photopolymerization 3D printing, with a focus on improving printing feedstocks and grayscale strategies.