Abstract The yeast Saccharomyces cerevisiae is a well‐studied unicellular eukaryote with a significant role in the biomanufacturing of natural products, biofuels, and bulk and value‐added chemicals, as well as the principal model eukaryotic organism utilized for fundamental research. Robust tools for building and optimizing yeast chassis cells were made possible by the quick development of synthetic biology, especially in engineering evolution. In this review, we focused on methods and tools from synthetic biology that are used to design and engineer S. cerevisiae 's evolution. A detailed discussion was held regarding transcriptional regulation, template‐dependent and template‐free approaches. Furthermore, the applications of evolved S. cerevisiae were comprehensively summarized. These included improving environmental stress tolerance and raising cell metabolic performance in the production of biofuels and bulk and value‐added chemicals. Finally, the future considerations were briefly discussed.