This review focuses on the properties of reactive materials (RMs) that enable exothermic formation reactions and their application as local heat sources. We examine how the heat produced by these formation reactions can enable a range of useful functions including bonding, sealing, ignition, signaling, and built-in degradation. We begin by describing the chemistries, geometries, microstructures, and fabrication of RMs. We then explore the magnitude and measurement of their stored chemical energies and the rates and mechanisms by which the stored energy can be released to generate useful heat. The majority of the review focuses on how the released heat can be modeled and used to perform a range of functions. Expected final online publication date for the Annual Review of Materials Research, Volume 52 is July 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.