Strain engineering is a promising way to tune the electrical, electrochemical, magnetic, and optical properties of 2D materials, with the potential to achieve high‐performance 2D‐material‐based devices ultimately. This review discusses the experimental and theoretical results from recent advances in the strain engineering of 2D materials. Some novel methods to induce strain are summarized and then the tunable electrical and optical/optoelectronic properties of 2D materials via strain engineering are highlighted, including particularly the previously less‐discussed strain tuning of superconducting, magnetic, and electrochemical properties. Also, future perspectives of strain engineering are given for its potential applications in functional devices. The state of the survey presents the ever‐increasing advantages and popularity of strain engineering for tuning properties of 2D materials. Suggestions and insights for further research and applications in optical, electronic, and spintronic devices are provided.