Atom transfer radical polymerization (ATRP) is one of the most often used controlled radical polymerization techniques for the preparation of various well‐defined advanced materials. ATRP is a catalytic process based on Cu‐based complexes. New very active catalysts can be used at ppm levels, also in aqueous media, making ATRP more environmentally benign. Precise control over various elements of polymer architecture, such as functionality, composition, and topology affords well‐defined gradient or block copolymers, as well as stars, brushes, or networks. ATRP has been successfully used to covalently linked synthetic polymers with inorganics (nanoparticles and flat or curved surfaces) and natural products (proteins and nucleic acids). Advanced functional materials prepared by ATRP find applications as coatings, thermoplastic elastomers, surfactants, dispersants, nanostructured carbons, functionalized surfaces, and biorelated materials.