A comprehensive review of the structure‐morphology‐property relations in segmented thermoplastic elastomers (STPE) prepared by the stoichiometric reactions of soft segment oligomers and hard segment precursors is provided. Although the main focus of this study is on linear, segmented, thermoplastic polyurethanes and polyureas, other systems such as linear segmented polyamides and polyesters are also discussed for comparison. Special emphasis is made on the influence of soft segment structure and molecular weight, hard segment symmetry and crystallinity, and the strength of the hydrogen bonding on the morphology and properties of segmented, non‐chain extended thermoplastic elastomers.