Nitroreductases, present within both prokaryotes and eukaryotes, form a group of flavin‐dependent enzymes capable of reducing nitro compounds using NAD(P)H as reducing agent. These enzymes have been widely studied due to their diverse roles in bioremediation, cancer therapy, cell ablation, and antimicrobial resistance. In recent times, the versatility of nitroreductases has been expanded towards the synthesis of highly valuable compounds such as aromatic and aliphatic amines, azoxy‐ and azobenzenes, as well as N‐heterocycles. This review examines the biological role and diversity of flavin‐dependent nitroreductases, and highlights their current and potential future application as biocatalysts for the sustainable synthesis of nitrogen‐containing pharmaceutical compounds and bulk chemicals.