Biopotential electrodes have found broad applications in health monitoring, human–machine interactions, and rehabilitation. This article reports the fabrication and applications of ultrasoft breathable dry electrodes that can address several challenges for their long‐term wearable applications—skin compatibility, wearability, and long‐term stability. The proposed electrodes rely on porous and conductive silver nanowire‐based nanocomposites as the robust mechanical and electrical interface. The highly conductive and conformable structure eliminates the necessity of conductive gel while establishing a sufficiently low electrode–skin impedance for high‐fidelity electrophysiological sensing. The introduction of gas‐permeable structures via a simple and scalable method based on sacrificial templates improves breathability and skin compatibility for applications requiring long‐term skin contact. Such conformable and breathable dry electrodes allow for efficient and unobtrusive monitoring of heart, muscle, and brain activities. In addition, based on the muscle activities captured by the electrodes and a musculoskeletal model, electromyogram‐based neural–machine interfaces are realized, illustrating the great potential for prosthesis control, neurorehabilitation, and virtual reality.