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Source‐gated transistors (SGTs), which are typically realized by introducing a source barrier in staggered thin‐film transistors (TFTs), exhibit many advantages over conventional TFTs, including ultrahigh gain, lower power consumption, higher bias stress stability, immunity to short‐channel effects, and greater tolerance to geometric variations. These properties make SGTs promising candidates for readily fabricated displays, biomedical sensors, and wearable electronics for the Internet of Things, where low power dissipation, high performance, and efficient, low‐cost manufacturability are essential. In this review, the general aspects of SGT structure, fabrication, and operation mechanisms are first discussed, followed by a detailed property comparison with conventional TFTs. Next, advances in high‐performance SGTs based on silicon are first discussed, followed by recent advances in emerging metal oxides, organic semiconductors, and 2D materials, which are individually discussed, followed by promising applications that can be uniquely realized by SGTs and their circuitry. Lastly, this review concludes with challenges and outlook overview.