Electrospun nanofibers have promising properties and serve an important role in various applications ranging from biomedical engineering to mechanical engineering. Although electrospun nanofibers are not used worldwide, the limited research conducted thus far provides a rudimentary understanding of nanofibers and explores the potential areas that have attracted attention for commercialization. However, the lack of a comprehensive understanding of the properties of nanofibers in various applications severely limits their functionality. This review provides clear insights into modifying the morphology of nanofibers by adjusting various parameters to meet specific application requirements. Various applications, including membrane distillation, reinforcement, and self‐healing, and the corresponding desired properties are discussed in detail. Approaches for enhancing the application‐specific properties of electrospun nanofibers are also discussed. This discussion provides significant guidance for the design of novel electrospun composites with excellent properties. Finally, the challenges in research and the opportunities for future development are presented.