Opportunities for quantitative, real‐time monitoring of gases, ions, and biomolecules in the environment and in the human body motivate programs of fundamental and applied research on chemically selective sensors with fast response times. In this context, silicon field‐effect transistors are of considerable interest as label‐free, scalable platforms for detecting a variety of chemical and biological species. Herein, recent progress and research directions in this area are reviewed. The focus of this article is on operational parameters, device architectures, schemes for surface chemical functionalization, and methods for bio‐integration across a variety of use cases. The content includes strategies that combine Si with other functional materials to create hybrid structures for enhanced sensing performance. The final section highlights some remaining challenges and provides perspectives on the future of basic research and engineering development in this field.