Fragmentation of bubbles and droplets in turbulence produces a dispersed phase spanning a broad range of scales, encompassing everything from droplets in nanoemulsions to centimeter-sized bubbles entrained in breaking waves. Along with deformation, fragmentation plays a crucial role in enhancing interfacial area, with far-reaching implications across various industries, including food, pharmaceuticals, and ocean engineering. However, understanding and modeling these processes are challenging due to the complexity of anisotropic and inhomogeneous turbulence typically involved, the unknown residence time in regions with different turbulence intensities, and difficulties arising from the density and viscosity ratios. Despite these challenges, recent advances have provided new insights into the underlying physics of deformation and fragmentation in turbulence. This review summarizes existing works in various fields, highlighting key results and uncertainties, and examining the impact on turbulence modulation, drag reduction, and heat and mass transfer.