Since 2001, when magnesium diboride (MgB2) was first reported to have a transition temperature of 39 K, conductor development has progressed to where MgB2 superconductor wire in kilometer‐long piece‐lengths has been demonstrated in coil form. Now that the wire is available commercially, work has started on demonstrating a MgB2 wire in superconducting devices. This article discusses the progress on MgB2 conductor and coil development, and the potential for MgB2 superconductors in a variety of commercial applications: magnetic resonance imaging, fault current limiters, transformers, motors, generators, adiabatic demagnetization refrigerators, magnetic separation, magnetic levitation, superconducting magnetic energy storage, and high‐energy physics applications.