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Abstract MXene‐based nanozymes (recently called MXenzymes) have emerged as promising candidates for environmental remediation, biomedical, (bio‐)catalytic, and sensing technologies due to their surface tunability, tailored electronic properties, remarkable electrical conductivity, and high surface area. These materials offer significant advantages over traditional enzymes, such as enhanced stability, tunable catalytic activity, and multifunctionality. However, despite the increasing number of studies in this field, critical challenges remain, including the long‐term stability, the lack of studies on structure–activity relationships to better understand the catalytic mechanisms, and the scalability required for real‐world applications. This mini‐review provides a comprehensive overview of the most recent advancements in MXenzymes, focusing on the type of MXenes used, the reported enzyme‐like activity, and the role of the photothermal effects in enhancing their catalytic performance. Moreover, key limitations, such as oxidation susceptibility, biocompatibility concerns, and the scarce in‐depth mechanistic studies, are critically examined. Last, the necessary steps to transition from proof‐of‐concept studies to real‐world applications are discussed. By addressing the listed fundamental challenges, MXenzymes could represent a valuable and effective alternative to natural enzymes used in catalysis, medicine, and environmental science.