Smart contact lenses incorporate a diversity of thin‐film components and are also fabricated utilizing different thin films. They have been developed for the sensing and treatment of diseases such as intraocular pressure and glaucoma treatment using the tear fluid. This report provides a review of how these thin films are processed to develop functional characteristics relevant for their application in smart contact lenses. Types of thin films used, as well as various applications, are discussed from the historical developments leading to the invention of smart contact lenses to the state‐of‐the‐art technologies related to thin films used in them. Finally, challenges with contact lenses and improvements to tackle these challenges using thin films are presented.