As one member of the emerging class of ultrathin two‐dimensional (2D) transition‐metal dichalcogenide (TMD) nanomaterials, the ultra‐thin MoS2 nanosheet has attracted increasing research interest as a result of its unique structure and fascinating properties. Solution‐phase methods are promising for the scalable production, functionalization, hybridization of MoS2 nanosheets, thus enabling the widespread exploration of MoS2‐based nanomaterials for various promising applications. In this Review, an overview of the recent progress of solution‐processed MoS2 nanosheets is presented, with the emphasis on their synthetic strategies, functionalization, hybridization, properties, and applications. Finally, the challenges and opportunities in this research area will be proposed. Sheets ahead: Solution‐based methods offer an effective route for the preparation of MoS2 nanosheets. With the an emphasis on applications, the synthetic strategies and methods for functionalization and hybridization are discussed.