Comprehensive Summary Slide‐ring structured polyrotaxanes with high molecular mobility and reversible conformational transition ability can achieve high performance and multifunctionality of the material in various applications. There have been many reviews describing advances in the research of rotaxanes and polyrotaxanes. However, most of them typically focus on the precise synthesis of mechanically interlocked molecules and the control of microscopic molecular shuttles. In this review, we examine the effects of motion activity and conformational transition due to molecular slide on the performance of polyrotaxanes and the latest functional applications. Different designs of polyrotaxane‐based functional materials are presented to improve the potential for applications including self‐healing stretchable elastomers/gels, stimuli‐responsive smart devices, battery electrode binders, and biomedical drug delivery. It is anticipated that this review will provide insights and guidance for future developments in the design, synthesis and application of polyrotaxane‐based functional materials.