AbstractThis perspective outlines the research directions of ferroelastic rare‐earth (RE) tantalates (RETaO4), which have been studied as multifunctional thermal/environmental barrier coatings (T/EBCs) with working temperatures above 1600°C. Ferroelastic RETaO4 ceramics exhibit several distinct features, including the reversible second‐order ferroelastic phase transition, high toughness, low thermal conductivity, low oxygen ion conductivity, and adjustable thermal expansion coefficients. This perspective provides a concise summary of the research progress on tantalate coatings synthesized via air plasma spraying and electron beam physical vapor deposition. The service performance of tantalate coatings is typically evaluated through thermal fatigue and shock measurements. Uncovering the failure mechanisms and understanding influencing factors are key aspects for future studies. In this regard, establishing the synthesis‐structure‐property relationship of RETaO4 coatings is essential. This brief perspective can serve as a guide for future work on RETaO4 coatings and further advancements in their applications across various fields, including aviation engines and gas turbines.