In this work, we review the hyperpolarization technique named chemically induced dynamic nuclear polarization (CIDNP), focusing on the time‐resolved variant of this method and its biological applications. We introduce the main principles of polarization formation in liquids at high magnetic fields, provided by the so‐called spin sorting mechanism. Applications of CIDNP to studying fast reactions of short‐lived free radicals of biologically important molecules are discussed, as well as the potential of the method to probe the structure and magnetic parameters of such radicals. We also explain the principles of protein CIDNP and discuss applications of time‐resolved CIDNP to studies of protein structure and dynamics.