the recent emerged two‐dimensional (2d) ferroelectrics have attracted tremendous research interests due to their promising application in nonvolatile electronics devices. the reversible electric polarization of ferroelectrics from the off‐centered positive and negative surfaces can effectively lift the band states near fermi level and modulate the charge distribution, which therefore play important roles for the controllable electronic/magnetic properties and chemical reactions. here, based on the latest revealed 2d ferroelectrics, we reviewed the research progress of ferroelectric controlled physical properties and chemical reactions, including the effects of reversible polarization on magnetic and electronic behaviors, polarization dependent photocatalytic water splitting and gas adsorptions. the associated applications in electronics, sensors and energy conversion are also discussed. at last, the possible research directions of 2d ferroelectrics have also been proposed. the review is expected to inspire the research interests of 2d ferroelectrics in the practical applications.