Mamyshev oscillators (MOs) have attracted significant attention given their potential in yielding ultrafast lasers with high peak power. Based on step‐like saturable absorbers and self‐similar evolution in the gain fiber, MO technology features an advanced system capable of generating ultrastable femtosecond pulses with ultrahigh peak power. In this review, the principle of MO is presented in terms of their transmission function and tolerance to nonlinear phase shift and recent progress is reported in the advanced output performance of MO, manifested through high peak power, few‐cycles, high repetition rate, and supercontinuum generation. MO with various operation wavelengths (1, 1.5, and 2 μm) are examined, and MO starting methods are fully discussed, followed by a detailed account of diverse potential applications in areas such as biomedical imaging and material processing. Based on current progress, the prospective challenges and future directions of MO are highlighted and discussed.