Being a new class of two dimensional (2D) metal carbides, borides, and nitrides, MXenes comprise one of the largest families of 2D nanomaterials that provide huge possibilities in photonics, electronics, and energy, Particularly, MXenes are discovered recently as alternatives to conventional saturable absorbers (SAs), such as carbon nanotube and graphene, which are used for short laser pulse generation. The high saturable absorption, astounding modulation depth, flexible bandgap tunability, and high electron density near Fermi level are the main features that make MXenes excellent candidate materials for SAs. Herein, this review summarizes the recent development on synthesis and characterization of the MXene, with focus on the nonlinear saturable absorption and the application of the MXene SA in mode‐locked fiber lasers. The emerging issues and challenges associated with MXene based SAs, as well as future perspectives of the reviewed topic are also discussed.