Thermoplastic polyamide elastomers (TPAEs) have emerged as important thermoplastic elastomer materials with significant potentials owing to their excellent low‐temperature flexibility, easy processability, lightweight, good thermal stability and mechanical properties, etc. Over the last few decades, TPAEs have rapidly developed into a large variety of kinds of TPAEs. Striking advancements have been achieved in this research field. Unfortunately, there is not yet a review to summarize the progress. The present paper summarizes the major advancements dealing with TPAEs, in which synthesis, structures/properties as well as applications are introduced in detail. Moreover, current challenges and main developmental directions dealing with TPAEs are also presented. This review may motivate more interest in TPAEs, further facilitating their all‐side research and more large‐scale applications.