Over the last two decades, polymers with superior H2/CO2 separation properties at 100–300 °C have gathered significant interest for H2 purification and CO2 capture. This timely review presents various strategies adopted to molecularly engineer polymers for this application. We first elucidate the Robeson's upper bound at elevated temperatures for H2/CO2 separation and the advantages of high‐temperature operation (such as improved solubility selectivity and absence of CO2 plasticization), compared with conventional membrane gas separations at ~35 °C. Second, we describe commercially relevant membranes for the separation and highlight materials with free volumes tuned to discriminate H2 and CO2, including functional polymers (such as polybenzimidazole) and engineered polymers by cross‐linking, blending, thermal treatment, thermal rearrangement, and carbonization. Third, we succinctly discuss mixed matrix materials containing size‐sieving or H2‐sorptive nanofillers with attractive H2/CO2 separation properties.