Phosphorene is a 2D phosphorus atomic layer arranged in a honeycomb lattice like graphene but with a buckled structure. Since its exfoliation from black phosphorus in 2014, phosphorene has attracted tremendous research interest both in terms of synthesis and fundamental research, as well as in potential applications. Recently, significant attention in phosphorene is motivated not only by research on its fundamental physical properties as a novel 2D semiconductor material, such as tunable bandgap, strong in‐plane anisotropy, and high carrier mobility, but also by the study of its wide range of potential applications, such as electronic, optoelectronic, and spintronic devices, energy conversion and storage devices. However, a lot of avenues remain to be explored including the fundamental properties of phosphorene and its device applications. This review recalls the current state of the art of phosphorene and its derivatives, touching upon topics on structure, synthesis, characterization, properties, stability, and applications. The current needs and future opportunities for phosphorene are also discussed.