Near‐β titanium alloys are used as promising structural materials for aerospace, biomedical, and other advanced applications due to their excellent combination of high specific strength and superior corrosion resistance. Precise control of the microstructure and mechanical properties through thermomechanical processing and heat treatment is paramount for exploiting the full potential of these alloys. This review article provides a comprehensive and critical assessment of the state‐of‐the‐art research on the microstructure evolution, deformation mechanisms, and oxidation behavior of near‐β titanium alloys. Furthermore, the challenges and emerging opportunities in the development of near‐β titanium alloys have also been identified, ranging from alloy design and processing optimization to multiscale characterization and integrated computational materials engineering. This review article provides a timely and comprehensive roadmap for the research and development of near‐β titanium alloys, paving the way for unlocking their full potential in critical industries.