Tetrafluoroethylene (TFE) terpolymers have emerged as advantageous substitutes for polytetrafluoroethylene (PTFE). Therefore, they are being considered as alternatives to PTFE in many application areas. The advantages of TFE terpolymers include their facile processability at elevated temperatures, their solubility in some polar organic solvents, their inertness against aqueous acids, aqueous bases and a large number of mostly nonpolar organic solvents, their low dielectric constant, their low refractive index as well as useful electro‐ and thermochemical properties. This review on TFE terpolymers focuses on their processing including shaping and surface modification as well as on selected properties including wettability, dielectric properties, mechanical response behavior, chemical stability, and degradability. Applications including their use as elastomeric sealing material, liner and cladding layer as well as their use as material for membranes, microfluidic devices, photonics, photovoltaics, energy storage, energy harvesting, sensors, and nanothermitic composites will be discussed. The review concludes with a discussion of the future potential of TFE terpolymers and scientific challenges to be addressed by future research on TFE terpolymers.