Chemodynamic therapy (CDT), a novel cancer therapeutic strategy defined as the treatment using Fenton or Fenton‐like reaction to produce •OH in the tumor region, was first proposed by Bu, Shi, and co‐workers in 2016. Recently, with the rapid development of Fenton and Fenton‐like nanomaterials, CDT has attracted tremendous attention because of its unique advantages: 1) It is tumor‐selective with low side effects; 2) the CDT process does not depend on external field stimulation; 3) it can modulate the hypoxic and immunosuppressive tumor microenvironment; 4) the treatment cost of CDT is low. In addition to the Fe‐involved CDT strategies, the Fenton‐like reaction‐mediated CDT strategies have also been proposed, which are based on many other metal elements including copper, manganese, cobalt, titanium, vanadium, palladium, silver, molybdenum, ruthenium, tungsten, cerium, and zinc. Moreover, CDT has been combined with other therapies like chemotherapy, radiotherapy, phototherapy, sonodynamic therapy, and immunotherapy for achieving enhanced anticancer effects. Besides, there have also been studies that extend the application of CDT to the antibacterial field. This review introduces the latest advancements in the nanomaterials‐involved CDT from 2018 to the present and proposes the current limitations as well as future research directions in the related field.