The development of advanced materials based on well‐defined polymeric architectures is proving to be a highly prosperous research direction across both industry and academia. Controlled radical polymerization techniques are receiving unprecedented attention, with reversible‐deactivation chain growth procedures now routinely leveraged to prepare exquisitely precise polymer products. Reversible addition‐fragmentation chain transfer (RAFT) polymerization is a powerful protocol within this domain, where the unique chemistry of thiocarbonylthio (TCT) compounds can be harnessed to control radical chain growth of vinyl polymers. With the intense recent focus on RAFT, new strategies for initiation and external control have emerged that are paving the way for preparing well‐defined polymers for demanding applications. In this work, the cutting‐edge innovations in RAFT that are opening up this technique to a broader suite of materials researchers are explored. Emerging strategies for activating TCTs are surveyed, which are providing access into traditionally challenging environments for reversible‐deactivation radical polymerization. The latest advances and future perspectives in applying RAFT‐derived polymers are also shared, with the goal to convey the rich potential of RAFT for an ever‐expanding range of high‐performance applications.