Imide‐functionalized π‐conjugated polymer semiconductors have received a great deal of interest owing to their unique physicochemical properties and optoelectronic characteristics, including excellent solubility, highly planar backbones, widely tunable band gaps and energy levels of frontier molecular orbitals, and good film morphology. The organic electronics community has witnessed rapid expansion of the materials library and remarkable improvement in device performance recently. This review summarizes the development of imide‐functionalized polymer semiconductors as well as their device performance in organic thin‐film transistors and polymer solar cells, mainly achieved in the past three years. The materials mainly cover naphthalene diimide, perylene diimide, and bithiophene imide, and other imide‐based polymer semiconductors are also discussed. The perspective offers our insights for developing new imide‐functionalized building blocks and polymer semiconductors with optimized optoelectronic properties. We hope that this review will generate more research interest in the community to realize further improved device performance by developing new imide‐functionalized polymer semiconductors. An engineering drive: Imide‐functionalized arenes are of particularly importance for constructing high‐performance semiconducting polymers owing to their unique combination of various device performance improving characteristics. The recent development of imide‐functionalized arenes and their polymer semiconductors has resulted in greatly improved device performance in both organic thin‐film transistors and polymer solar cells.