This paper discusses recent studies involving time‐resolved optical and terahertz (THz) fields in the linear and nonlinear regime. An overview of the microscopic modeling scheme is presented and applied to analyze a variety of experimental results. The examples include coherent excitons in weak and strong THz fields, Rabi splitting and ionization of intra‐excitonic transitions, THz studies in semiconductor microcavities, and the THz manipulation of excitonic transitions.