Theophylline, also known as 1,3‐dimethylxanthine, belongs to class of purine‐based drugs, which are used in the treatment of air ways disorders such as asthma and chronic obstructive pulmonary disease. Its derivatives play a significant role in the variety of biological applications of medicinal interest as it exhibits numerous activities such as anticancer, anti‐inflammatory, bronchodilator activity, antibacterial, and antifungal activities. This review article summarizes the recent advances in the synthesis of theophylline derivatives, which were reported during 2008–2017, and also describes the detailed biological studies of synthesized analogues.