Underwater superhydrophobic surfaces stand as a promising frontier in materials science, holding immense potential for applications in underwater infrastructure, vehicles, pipelines, robots, and sensors. Despite this potential, widespread commercial adoption of these surfaces faces limitations, primarily rooted in challenges related to material durability and the stability of the air plastron during prolonged submersion. Factors such as pressure, flow, and temperature further complicate the operational viability of underwater superhydrophobic technology. This comprehensive review navigates the evolving landscape of underwater superhydrophobic technology, providing a deep dive into the introduction, advancements, and innovations in design, fabrication, and testing techniques. Recent breakthroughs in nanotechnology, magnetic‐responsive coatings, additive manufacturing, and machine learning are highlighted, showcasing the diverse avenues of progress. Notable research endeavors concentrate on enhancing the longevity of plastrons, the fundamental element governing superhydrophobic behavior. The review explores the multifaceted applications of superhydrophobic coatings in the underwater environment, encompassing areas such as drag reduction, anti‐biofouling, and corrosion resistance. A critical examination of commercial offerings in the superhydrophobic coating landscape offers a current perspective on available solutions. In conclusion, the review provides valuable insights and forward‐looking recommendations to propel the field of underwater superhydrophobicity toward new dimensions of innovation and practical utility.