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Over the last century, quantum theories have revolutionized our understanding of material properties. One of the most striking quantum phenomena occurring in heterogeneous media is the quantum tunneling effect, where carriers can tunnel through potential barriers even if the barrier height exceeds the carrier energy. Interestingly, the tunneling process can be accompanied by the absorption or emission of light. In most tunneling junctions made of noble metal electrodes, these optical phenomena are governed by plasmonic modes, i.e., light-driven collective oscillations of surface electrons. In the emission process, plasmon excitation via inelastic tunneling electrons can improve the efficiency of photon generation, resulting in bright nanoscale optical sources. On the other hand, the incident light can affect the tunneling behavior of plasmonic junctions as well, leading to phenomena such as optical rectification and induced photocurrent. Thus, plasmonic tunneling junctions provide a rich platform for investigating light–matter interactions, paving the way for various applications, including nanoscale light sources, sensors, and chemical reactors. In this paper, we will introduce recent research progress and promising applications based on plasmonic tunneling junctions.