Electronic materials such as semiconductors, piezo‐ and ferroelectrics, and metal oxides are primary constituents in sensing, actuation, nanoelectronics, memory, and energy systems. Although significant progress is evident in understanding the mechanical and electrical properties independently using conventional techniques, simultaneous and quantitative electromechanical characterization at the nanoscale using in situ techniques is scarce. It is essential because coupling/linking electrical signal to the nanoscale plasticity provides vital information regarding the real‐time electromechanical behavior of materials, which is crucial for developing miniaturized smarter technologies. With the advent of conductive nanoindentation, researchers have been able to get valuable insights into the nanoscale plasticity (otherwise not possible by conventional means) in a wide variety of bulk and small‐volume materials, quantify the electromechanical properties, understand the dielectric breakdown phenomenon and the nature of electrical contacts in thin films, etc., by continuously monitoring the real‐time electrical signal changes during any point on the indentation load–hold–unload cycle. This comprehensive Review covers probing the electromechanical behavior of materials using in situ conductive nanoindentation, data analysis methods, the validity of the models and limitations, and electronic conduction mechanisms at the nanocontacts, quantification of resistive components, applications, progress, and existing issues, and provides a futuristic outlook.