The field of hybrid optical fibers is one of the most active research areas in current fiber optics and has the vision of integrating sophisticated materials inside fibers, which are not traditionally used in fiber optics. Novel in‐fiber devices with unique properties have been developed, opening up new directions for fiber optics in fields of critical interest in modern research, such as biophotonics, environmental science, optoelectronics, metamaterials, remote sensing, medicine, or quantum optics. Here the recent progress in the field of hybrid optical fibers is reviewed from an application perspective, focusing on fiber‐integrated devices enabled by including novel materials inside polymer and glass fibers. The topics discussed range from nanowire‐based plasmonics and hyperlenses, to integrated semiconductor devices such as optoelectronic detectors, and intense light generation unlocked by highly nonlinear hybrid waveguides.