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The concept of polyrotaxane comes from the rotaxane structure in the supramolecular field. It is a mechanically interlocked supramolecular assembly composed of linear polymer chains and cyclic molecules. Over recent decades, the synthesis and application of polyrotaxanes have seen remarkable growth. Particularly, cyclodextrin‐based polyrotaxanes have been extensively reported due to the low‐price raw materials, good biocompatibility, and ease of modification. Hence, it is also one of the most promising mechanically interlocking supramolecules for wide industrialization in the future. Polyrotaxanes are widely introduced into materials such as elastomers, hydrogels, and engineering polymers to improve their mechanical properties or impart functionality to the materials. In these materials, polyrotaxane acts as a slidable cross‐linker to dissipate energy through sliding or assist in dispersing stress concentration in the cross‐linked network, thereby enhancing the toughness of the materials. Further, the unique sliding‐ring effect of cyclodextrin‐based polyrotaxanes has pioneered advancements in stretchable electronics and energy storage materials. This includes their innovative use in stretchable conductive composite and binders for anodes, addressing critical challenges in these fields. In this mini‐review, our focus is to highlight the current progress and potential wider applications in the future, underlining their transformative impact across various domains of material science. [ABSTRACT FROM AUTHOR]