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Abstract A distinct class of 2D layered quantum materials with the chemical formula ofRTe₃(R= lanthanide) has gained significant attention owing to the occurrence of collective quantum states, superconductivity, charge density waves (CDW), spin density waves, and other advanced quantum properties. To study the Fermi surface nesting driven CDW formation, the layeredRTe₃family stages an excellent low dimensional genre system. In addition to the primary energy gap feature observed at higher energy, optical spectroscopy study on someRTe₃evidence a second CDW energy gap structure indicating the occurrence of multiple CDW ordering even with light and intermediateRTe₃compounds. Here, a comprehensive review of the fundamentals ofRTe₃layered tritelluride materials is presented with a special focus on the recent advances made in electronic structure, CDW transition, superconductivity, magnetic properties of these unique quantum materials. A detailed description of successful synthesis routes including the flux method, self‐flux method, and CVT along with potential applications is summarized.