Two‐dimensional (2D) materials are promising for strain engineering due to their atomic thickness and exceptional mechanical properties. In particular, non‐uniform and localized strain can be induced in 2D materials by generating out‐of‐plane deformations, resulting in novel phenomena and properties as witnessed in recent years. Therefore, the locally strained 2D materials are of great value for both fundamental studies and practical applications. This review discusses techniques for introducing local strains to 2D materials and their feasibility, advantages, and challenges. We then explore the unique effects and properties that arise from local strain. The representative applications based on locally strained 2D materials are illustrated, including memristor, single photon emitter, photodetector, etc. Finally, we provide concluding remarks on the challenges and opportunities in the emerging field of locally strained 2D materials.This article is protected by copyright. All rights reserved