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Recent advances in 2D nanomaterials, such as graphene, transition metal dichalcogenides, boron nitride, MXenes, allow not only to discover several new nanoscale phenomena but also to address the scientific and industrial challenges associated with the design of systems with desired physical properties. One of the great challenges for mechanical systems is associated with addressing friction and wear problems in machine elements. In this review, the beneficial properties of layered 2D materials that enable the control of their tribological behavior and make them excellent candidates for efficient friction and wear reduction in dry‐running and boundary lubricated machine components are summarized. The recent studies highlighting the successful implementation of 2D structures when used as solid lubricant coatings or reinforcement phases in composites for various machine components including sliding and rolling bearings, gears, and seals are overviewed. The examples presented in the studies demonstrate the great potential for 2D materials to address the energy‐saving needs by friction and wear reduction.