In van der Waals (vdWs) materials and heterostructures, the interlayers are bonded by weak vdWs interactions due to the lack of dangling bonds. The vdWs gap at the homo‐ or heterointerface provides great freedom to enrich the tunability of electronic structures by external intercalation of foreign ions or atoms at the interface, leading to the discovery of new physics and functionalities. Herein, the recent progress on electrochemical intercalation of foreign species into atomically thin vdWs materials for structural phase transition and device applications is reviewed and future opportunities are discussed. First, several kinds of electrochemical intercalation platforms to achieve the intercalation in vdWs materials and heterostructures are introduced. Next, the in situ characterization of electrochemical intercalation dynamics by state‐of‐the‐art techniques is summarized, including optical techniques, scanning probe techniques, and electrical transport. Moreover, particular attention is paid on the experimentally reported phase transition and multifunctional applications of intercalated devices. Finally, future applications and challenges of intercalation in vdWs materials and heterostructures are proposed, including the intrinsic intercalation mechanism of solid ion conductors, exact identification of intercalated foreign species by near‐field optical techniques, and the tunability of intercalation kinetics for ultrafast switching.