Self‐healing polymers have emerged as a promising class of materials due to their ability to autonomously repair after damage, leading to enhanced durability and extended lifetimes. Inspired by biological systems, self‐healing materials have potential to restore their original properties and functionalities without the need for external intervention. Over the past few decades, significant progress has been made in the development and understanding of self‐healing polymers, paving the way for their widespread applications. In this article, we provide a comprehensive overview of self‐healing polymers, covering their mechanisms, challenges, and potential applications. The central concept of self‐healing is the ability of a material to mend itself after experiencing damage. Intrinsic self‐healing relies on the inherent properties of the polymer matrix, including reversible chemical bonds and dynamic interactions, to facilitate healing. Such mechanisms enable the restoration of the material's integrity without the need for external intervention. Extrinsic self‐healing strategies involve the incorporation of stimuli‐responsive components within the polymer which enable healing. These components include microcapsules containing healing agents, protected and bare catalysts, and agent‐containing vascular networks. Self‐healing enables the restoration of mechanical properties, aesthetics, and even optical properties and electrical conductivity offering the potential to revolutionize product reliability, reduce maintenance costs, and enhance safety in a wide range of applications.