Freeze casting, also known as ice templating, is a particularly versatile technique that has been applied extensively for the fabrication of well‐controlled biomimetic porous materials based on ceramics, metals, polymers, biomacromolecules, and carbon nanomaterials, endowing them with novel properties and broadening their applicability. The principles of different directional freeze‐casting processes are described and the relationships between processing and structure are examined. Recent progress in freeze‐casting assisted assembly of low dimensional building blocks, including graphene and carbon nanotubes, into tailored micro‐ and macrostructures is then summarized. Emerging trends relating to novel materials as building blocks and novel freeze‐cast geometries—beads, fibers, films, complex macrostructures, and nacre‐mimetic composites—are presented. Thereafter, the means by which aligned porous structures and nacre mimetic materials obtainable through recently developed freeze‐casting techniques and low‐dimensional building blocks can facilitate material functionality across multiple fields of application, including energy storage and conversion, environmental remediation, thermal management, and smart materials, are discussed. Freeze casting is frequently used for the fabrication of porous biomimetic materials through ice‐templated assembly of micro‐ or nanoscale particles. In recent years, through the use of novel freeze‐casting processes and building blocks, including graphene and nanotubes, materials with extraordinarily high performance have been achieved. Current developments in freeze‐cast materials and their emerging applications are reviewed.